Live Nasdaq Composite Futures: Will Magnificent 7 Stocks Soar on Monday?

Investing

Eric Bleeker

Published: April 13, 2025 1:08 pm

Last Updated: April 13, 2025 7:29 pm

Key Points

Enthusiasm around technology stocks soared on Saturday as the White House issued new guidance which removed reciprocal tariffs from items like computers, smartphones, consumer electronics products, and semiconductors.
The move not only removed significant uncertainty for companies like Apple and Dell, but it was also seen as an ‘olive branch’ to China to begin de-escalating tariffs that have now reached 145% after a series of back-and-forth retaliatory raises.
Yet, on Sunday morning, Commerce Secretary Howard Lutnick appeared on morning news programs to say that the pausing of reciprocal tariffs on technology would be followed ‘in a month or two’ by tariffs specific to the semiconductor industry.
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Live Updates

Live Coverage Has Ended

Nasdaq Poised to Gain 1.25% As of 7:30 p.m. ET

7:28 pm by Eric Bleeker

It looked like we were going to have a very big Monday for technology stocks, but after comments from Lutnick and Donald Trump, it seemed futures could be down.

The reality is somewhere in the middle, with Nasdaq Futures pointing to a 1.25% gain tomorrow.

Trump Truth Social Post Could Kill Tech Enthusiasm

4:13 pm by Eric Bleeker

It looked like we were going to have a major rally on Monday, but that may now be out the window.

In a Truth Social post that just dropped, Donald Trump said:

“NOBODY is getting “off the hook” for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst! There was no Tariff “exception” announced on Friday. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff “bucket.” The Fake News knows this, but refuses to report it. We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations. What has been exposed is that we need to make products in the United States, and that we will not be held hostage by other Countries, especially hostile trading Nations like China, which will do everything within its power to disrespect the American People. We also cannot let them continue to abuse us on Trade, like they have for decades, THOSE DAYS ARE OVER! The Golden Age of America, which includes the upcoming Tax and Regulation Cuts, a substantial amount of which was just approved by the House and Senate, will mean more and better paying Jobs, making products in our Nation, and treating other Countries, in particular China, the same way they have treated us. The bottom line is that our Country will be bigger, better, and stronger than ever before. We will, MAKE AMERICA GREAT AGAIN!”

If you’re a technology company – or an investor in one – the problem is that moving supply chains is a process that can take years. The Trump Administration could phase in tariffs (IE – a 10% rate immediately, raising to 15% in 2026, etc.). But instead it’s offered constant volatility and rates that make business unsustainable (such a Trump’s current 145% rates).

The hope was the pause this weekend on reciprocal tariffs for consumer electronics might set the table for some planning that could allow technology companies to begin re-orienting their supply chains, but instead it seems to be more chaos and contradictory messages.

More News on Semiconductor and Consumer Electronic Exemptions Coming

1:06 pm by Eric Bleeker

Following Lutnick’s comments this morning that rattled markets, Trump is now saying he’ll provide more details on semiconductor & electronics exemptions on Monday. Its likely reactions could remain muted while the market awaits more details on what Trump has planned.

The recent trend has been announcements from the Administration being more punitive than market expectations.

Ready for more whiplash?

Last week, we saw a 90-day pause on reciprocal tariffs that saw the Nasdaq Composite soar 12.16% on Wednesday
Then late Friday night, new guidance was issued that exempted broad categories of consumer goods from reciprocal tariffs. Items like computers, smartphones, LCD panels, and semiconductors would receive refunds on tariffs paid retroactive to April 5th.
This led to incredible enthusiasm across the technology space with Dan Ives calling for “a tech stock rally for the ages on Monday.”
Then on Sunday morning, Howard Lutnick said that while companies are exempt from reciprocal tariffs, they will still face semiconductor tariffs which are “coming in a month or two.”

So, will Lutnick’s comments be enough to cancel out that ‘tech stock rally for the ages’ scenario? We’ll get a good glimpse when stock futures begin trading at 6 p.m. ET tonight.

We’ll be posting updates throughout the day on this live blog which is following the market’s reactions to this week’s big – and now seemingly contradictory – news around technology tariffs.

Stocks to Watch When Futures Open

When futures open at 6 p.m. ET, here are some of the key storylines to watch:

Apple (Nasdaq: AAPL): Apple is deeply reliant on China for production of its phones and other devices. Third-party estimates place around 80% of all iPhone production inside China. The company has been working to move production to other countries like India, but it’s a long process and India currently doesn’t have the scale to supply the American market. So, Apple would be one of the companies most directly impacted by tariffs – or a pause on reciprocal tariffs on consumer goods. We published an article earlier this weekend estimating Apple would be up about 6% on Monday, but that was before Lutnick’s comments this morning.
Magnificent 7 Stocks: The pausing of reciprocal tariffs will impact companies like Apple and NVIDIA (Nasdaq: NVDA), whose products are more directly affected, but it’s also seen as generally good for technology stocks. The Trump Administration is prioritizing America’s technology industry, which has made more muted comments about recently. Howard Lutnick’s comments this morning may splash some cold water on this general enthusiasm, however.
Semiconductor Stocks: The main industry ETF – the iShares Semiconductor ETF (Nasdaq: SOXX) is still down 35% from its highs last July. Will news about tariffs being paused be enough to see gains tomorrow or did Lutnick’s comments about new semiconductor tariffs in the coming months introduce enough uncertainty to stop a rally in the most beaten-down names?

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