Market Commentary - Foreign Markets
U.S. stocks rose with the Dow up 312 points as tech products like phones and chips were excluded from tariffs. Global markets followed suit with strong biotech and real estate sectors. Treasuries regained ground, pushing 10-year yields down.
The Dow jumped 312.08 points (0.8%) to 40,524.79, the Nasdaq rose 107.03 points (0.6%) to 16,831.48 and the S&P 500 climbed 42.61 points (0.8%) to 5,405.07.
Wall Street rose after US officials said some tech products like phones and chips would be excluded from tariffs but Trump denied any exceptions, saying they're just moved to a different category. He warned China remains a key target and pledged to review the entire electronics supply chain in upcoming tariff investigations.
Biotech stocks substantially moved upwards, resulting in a 2.5% surge by the NYSE Arca Biotechnology Index. Commercial real estate showed considerable strength, as reflected by the 2.1% jump by the Dow Jones U.S. Commercial Real Estate Index. Pharmaceutical, computer hardware and utilities stocks too were significantly strong.
Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index jumped by 1.2% while Hong Kong's Hang Seng Index surged by 2.4%. The major European markets significantly moved upwards. The German DAX Index spiked by 2.9%, the French CAC 40 Index shot up by 2.4% and the U.K.'s FTSE 100 Index jumped by 2.1%.
In the bond market, treasuries regained ground after moving sharply lower last week. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 12.9 bps to 4.36%.
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