It was a relatively quiet day in the markets with only Canadian wholesale trade data on the economic calendar. However, tariffs remained front and center in market discussions.

Last week, the Trump administration raised tariffs on Chinese goods to 145%, prompting swift retaliation from Beijing. At the same time, the U.S. delayed tariffs on several other countries by 90 days—though earlier tariffs remain in effect. Then, in a late-Friday development, the administration said electronics would be excluded from the broader "reciprocal tariffs," offering a boost to tech names like Apple.

But that relief was short-lived. By Sunday, Commerce Secretary Lutnick clarified that electronics would still fall under upcoming semiconductor-specific tariffs set to roll out in a month or two. President Trump added further confusion by stating there were no “exceptions” at all—only that the goods were now classified under a different tariff bucket subject to a 20% levy, aimed at punishing China for its role in fentanyl trafficking.

Despite the whiplash of announcements, markets appear to be growing numb to the erratic tariff headlines—perhaps invoking the old adage: “Fool me seven times, shame on you; fool me eight times, shame on me.” Stocks opened higher and held onto gains, though the session saw its fair share of intraday swings.

Market Close Snapshot

  • S&P 500: +0.79%

  • NASDAQ: +0.64%

  • Dow: Higher as well by 0.78%

Despite index gains, mega-cap tech lagged:

  • Amazon: -1.48%

  • Broadcom: -1.97%

  • Nvidia: -0.20%

  • Meta: -2.20%

  • Microsoft: -0.16%

The advance was not broadly supported, reflecting caution under the surface.

Bond Market

U.S. yields moved lower following last week’s dramatic rise (10-year yield jumped 50 bps—marking a multi-decade record). Today’s closing snapshot:

  • 2-year yield: 3.855% (-10.1 bps)

  • 5-year yield: 4.020% (-13.5 bps)

  • 10-year yield: 4.35% (-10.07 bps)

  • 30-year yield: 4.15% (-6.0 bps)

FX Market

The U.S. dollar ended the day mixed versus major currencies:

  • EUR: +0.06%

  • JPY: -0.31%

  • GBP: -0.80%

  • CHF: -0.07%

  • CAD: +0.09%

  • AUD: -0.64%

  • NZD: -0.89%

Commodities & Crypto

  • Crude oil: +$0.10 at $61.55

  • Silver: +$0.005 at $32.33

  • Gold: -$25 (-0.78%) to $3,211.44

  • Bitcoin: +$1,045 to $84,756

Source: Forex Live