US stocks rise on tariff relief and a rush into defensive stocks

Tariff exemptions on consumer electronics announced Friday after the close helped fuel a rise in US stocks on Monday.

The S&P 500 rose 0.8%, the Nasdaq 100 gained 0.6%, and the Russell 2000 advanced 1.1%.

However, despite the risk-on tone, with all S&P 500 sectors moving higher, there was a defensive tone to the tape, with real estate, utilities, healthcare, and consumer staples leading the way higher.

Palantir was one of the best-performing members of the S&P 500 after winning a NATO contract, which had stock bulls cheering.

Apple was a big beneficiary of tariff relief, which materially lessens the potential hit to its earnings.

Other electronics retailers like Dell, Best Buy, and HP were also big gainers on this news. Elsewhere in tech, Intel gained after selling a majority stake in its Altera unit to a private equity firm.

Goldman Sachs rose after reporting blockbuster earnings and a huge buyback plan.

Around midday, President Trump suggested that tariff relief could be in the offing for automakers, sending shares of GM, Ford, and Stellantis soaring.

Novo Nordisk and Eli Lilly gained after Pfizer scrapped plans to develop a weight-loss drug.

Strategy keeps buying bitcoin and investors applauded that on Monday as the cryptocurrency rose as well.

Peloton gained after getting an upgrade to “buy” from Deutsche Bank.

And a poor spot on the tape, from Europe: luxury goods seller LVMH tumbled after reporting weaker-than-anticipated Q1 sales.