Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. President Donald Trump is largely exempting the Apple iPhone and tech products from Nvidia, Dell and many others from massive tariffs. But Commerce Secretary Howard Lutnick said Sunday that those exemptions are temporary.
The stock market rallied strongly in a wild week as President Trump paused some tariffs Wednesday, triggering the best one-day gain in years.
Palantir Technologies and Netflix lead seven stocks in double-bottom bases.
Dow Jones Futures Today
Dow Jones futures open at 6 p.m. ET, along with S&P 500 futures and Nasdaq 100 futures.
Futures could get a big lift from the Trump administration's decision to largely exempt technology products from tariffs, especially megacaps such as Apple and Nvidia. Chinese stocks also could rally. Hong Kong's Hang Seng will open at 9:30 p.m. ET Sunday.
The news also could impact Treasuries and the dollar, which came under heavy pressure last week.
However, Lutnick's Sunday comments that the tech products reprieve is temporary may muddle the investor reaction.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
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Trump Tariffs Exempt Apple, Tech Products
Late Friday, the Trump administration exempted Apple products, including the iPhone from the additional 125% tariff on Chinese goods and 10% baseline levy on imports from other countries. Also exempt: Other smartphones, servers, memory chips, solar cells, flat panel TVs and many other tech goods that are often made in China. That includes Nvidia, Dell Technologies, Hewlett Packard Enterprise and Super Micro.
The electronics products still face a 20% tariff on Chinese goods imposed earlier this year.
However, Commerce Secretary Lutnick told ABC News on Sunday that the reprieve is temporary, with the electronics exemptions only on the "reciprocal" tariffs. Trump will impose sector tariffs on electronics and semiconductors in about a month, Lutnick said. Lutnick also said he's not worried about the dollar
Adding to the confusion, Fox Business' Charles Gasparino, posting on X, reported "significant division" within the White House about Lutnick's comments.
On Wednesday, President Trump halted his "reciprocal" tariffs on Wednesday for 90 days, citing "yippy" markets, just hours after they went into effect.
But the 10% baseline tariff, along with a 25% levy on auto, steel and aluminum imports, along with a 145% duty on Chinese goods, means average U.S. tariffs are extremely high, even with the new tech product exemptions and before further sector tariffs on electronics and more.
With Trump tariffs still very much in flux, business investments and other big decisions will likely remain on hold.
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Stock Market Last Week
The stock market had a wild, powerful week, rebounding from 2025 lows. Wednesday gains were historic. Federal Reserve and China trade deal hopes helped fuel Friday's rally.
The Dow Jones Industrial Average jumped 4.95% in last week's stock market trading. The S&P 500 index leaped 5.7%. The Nasdaq composite surged 7.3%. The small-cap Russell 2000 climbed 1.8%. All remain well below their 200-day moving averages.
The major indexes all rose more than 1% on Friday. However, trading volume was significantly lower vs. Thursday, so it wasn't a follow-through day to confirm the stock market rally attempt.
A FTD could come at any point to confirm the new uptrend. But the risk of a failed FTD would be high.
In addition to Palantir, Netflix and the other double-bottom base stocks discussed in this article, stocks from a variety of groups are setting up or even in buy zones. Those include TJX Cos., Bowhead, UnitedHealth, Loar and Stride.
U.S. crude oil futures fell 0.8% to $61.50 a barrel last week, amid some wild swings.
Treasury Yields, U.S. Dollar
The 10-year Treasury yield vaulted 50 basis points to 4.49%, its biggest weekly gain since November 2021. It did back off Friday's intraday high of 4.59%. Normally amid times of global market stress and recession fears, Treasury yields plunge as investors rush into U.S. debt as a safe haven. Not now. Higher yields raise borrowing costs for already-wary consumers and businesses.
The WSJ dollar index fell 2.5%, the biggest weekly decline since November 2022. Normally Treasury yields and the dollar move in lockstep, but they've diverged since the April 2 "Liberation Day."
The Fed will step in if financial markets get disorderly, The Financial Times reported Friday. That helped support Treasury prices somewhat.
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ETFs
Among growth ETFs, the Innovator IBD 50 ETF jumped 5.6% last week. The iShares Expanded Tech-Software Sector ETF rallied 7.3%, with Palantir and CrowdStrike stock both notable members. The VanEck Vectors Semiconductor ETF soared 11.3%, with Taiwan Semiconductor stock a major holding. ARK Innovation ETF bounced 9.4%.
SPDR S&P Metals & Mining ETF spiked 11% last week. The Energy Select SPDR ETF edged up 0.2% and the Health Care Select Sector SPDR Fund rose 1.2%, with UNH stock a big holding. The Industrial Select Sector SPDR Fund rebounded 6.55%.
The Financial Select SPDR ETF popped 5.5%, with Goldman stock a major component.
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Stocks Near Buy Points
Palantir, Netflix, DoorDash, Spotify, CrowdStrike, Life Time and MercadoLibre are all in double-bottom bases, a common pattern in volatile markets. All boast strong relative strength lines, with some hitting new highs in the past few days.
Most are insulated from Trump tariffs, though Latin American e-commerce giant MercadoLibre is an exception.
Life Time stock cleared its 50-day line on Friday, with the others just below that key level.
Netflix earnings on Thursday will be key for NFLX.
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What To Do Now
The stock market has rebounded off lows and is trying to build momentum. But there's still not a confirmed uptrend. A headline-driven market prone to huge swings is a highly dangerous environment. But if there is a follow-through day, investors should participate. Just do so gradually.
Build up your watchlists and keep an open mind. Don't try to will a bull market into existence. But don't ignore positive market action even if the news is "bad."
Netflix, Nvidia chipmaker Taiwan Semiconductor and Dow giants UnitedHealth and Goldman Sachs headline earnings next week.
DoorDash, Spotify and Netflix stock are all on the IBD Leaderboard watchlist. UnitedHealth stock is on IBD Long-Term Leaders. Palantir and DoorDash stocks are on the IBD 50. Netflix and Palantir are on the IBD Big Cap 20.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
