Trump’s Trade Twist Sends Stocks Soaring

Stocks are firmly higher Monday, as a surprise tariff exemption from President Donald Trump sparked a rally in the tech sector. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are sporting triple-digit midday gains, while the S&P 500 Index (SPX) is also firmly higher. The rally follows late-Friday guidance from U.S. Customs and Border Protection clarifying that smartphones, computers, and semiconductors will be excluded from the new “reciprocal” tariffs.

However, that optimism is being tempered after Trump and Commerce Secretary Howard Lutnick indicated the exemptions may be temporary. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) is extending its pullback from Friday, even after the New York Federal Reserve hiked median inflation expectations for the next year.

Continue reading for more on today's market, including: 

• Tariff pause boosts 2 semiconductor stocks.
• Call traders are targeting Viking Therapeutics stock.
• Plus, bears pile into PFE puts; DELL's tariff relief; and DVA sinks post-cyberattack.

Pfizer Inc (NYSE:PFE) stock is seeing unusually heavy options volume, with more than 61,000 puts traded so far -- double the average intraday amount. Most of the action is centered on new positions at the September 20 put. Pfizer will halt development of its daily weight loss pill, after a patient in a clinical trial suffered a possible liver injury linked to the drug. Despite the setback, the stock was last seen up 1.2% at $22.18, though it remains down 16.8% for the year.

Dell Technologies Inc (NYSE:DELL) is up 6.6% at $87.30, a prime benefactor of the import rollback. Tariff fears have been a major headwind for the broader tech sector throughout 2025, and Dell has not been immune -- the stock is off 25.3% year-to-date and on April 7 fell to $66.25, its lowest level since September 2023.

DaVita Inc (NYSE:DVA) stock is one of today’s notable underperformers, last seen down 4.7% at $148.26. The dialysis company disclosed a ransomware attack that encrypted parts of its network and caused ongoing operational disruptions. While patient care is reportedly continuing, DaVita noted it’s too early to estimate how long the disruption will last. DVA has slipped below its year-to-date breakeven level but is still up 14.5% over the past 12 months.