Mubasher: US stocks have joined a rally in Europe and Asia on Monday, 14 April, after the White House exempted smartphones and computers from US tariffs, Reuters reported.

Meanwhile, gains were capped and the US dollar was muted as President Donald Trump said that levies were still likely.

Boosted by technology shares, the Dow Jones Industrial Average opens new tab rose 1%, the S&P 500 opens new tab gained 1.6%, and the Nasdaq Composite opens new tab added more than 2%.

Apple stock rose around 5%, opens new tab.

The S&P 500 rallied 5.7% last week, but was still more than 5% below where it was before what the US President calls reciprocal tariffs were first announced in early April 2025.

The 90-day pause on reciprocal tariffs and further concessions over the weekend "lessen the near-term probability of a recession," Reuters cited Morgan Stanley U.S. equity strategists in a note on Monday. They added: "The equity market will likely remain in a wide trading range with high volatility until we have more certainty on the depth of the growth slowdown and the timing of a recovery.”

Goldman Sachs, opens new tab on Monday, said profit rose 15% in the first quarter (Q1), fueled by stock traders who capitalized on volatile markets, sending its shares up about 2.4%.

Bank of America and Citigroup are up later in the week.

Numbers from chipmaker TSMC opens new tab will be a highlight given Trump's plan to investigate the entire global semiconductor supply chain.

According to Reuters, “The exemption of 20 product types accounting for 23% of US imports from China was a boon to manufacturers. But the technology tariff news gave only a modicum of help to US government bonds trying to recover from the bruising they suffered last week, and the dollar was little changed once more as the off-again, on-again trade policy gyrations left investors confused and analysts bearish