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

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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