U.S. stock futures edged higher early Monday after a rollercoaster week, as investors parsed fresh developments on the U.S.-China trade front. The market appeared to take some comfort in President Donald Trump’s unexpected tariff exemptions for several key tech products, even as uncertainty around trade policy lingered.

Tech Tariffs Temporarily Eased—But Not Gone

According to new guidance from U.S. Customs and Border Protection released late Friday, smartphones, laptops, semiconductors, and other key electronics have been temporarily spared from the White House’s latest wave of "reciprocal" tariffs. However, President Trump clarified via Truth Social on Sunday that the products are still subject to existing 20% "Fentanyl Tariffs" and are merely being shifted into a different tariff classification—leaving open the possibility that the relief could be short-lived.

Commerce Secretary Howard Lutnick echoed that sentiment, stating that the exemptions should not be interpreted as permanent. The mixed signals kept investors on edge, with concerns about policy unpredictability continuing to shape sentiment.

Stock Futures Climb After a Volatile Week

Following these developments, stock futures posted solid early gains. Futures tied to the Nasdaq-100 rose 1.31%, boosted by tech optimism, while the S&P 500 futures gained 0.86%. Dow Jones Industrial Average futures also rose, up 109 points or 0.27%.

The moves come after an exceptionally volatile week on Wall Street, where market swings reached levels not seen in years. The CBOE Volatility Index (VIX), often referred to as the market’s “fear gauge,” spiked above 50 on Thursday, underscoring investor anxiety.

Still, a strong mid-week rally helped limit the damage. Stocks surged on Wednesday after Trump temporarily delayed some non-China-related tariffs for 90 days. That news, combined with upbeat bank earnings and hopes of Federal Reserve support if needed, fueled the market’s third-largest one-day gain since World War II.

Tech Stocks Still Under Pressure

Despite Monday’s early rebound, the broader market remains under pressure. Since the announcement of the new reciprocal tariffs, the S&P 500 has dropped 5.4%, with the Nasdaq Composite down around 5% and the Dow off by 4.8%.

Big Tech—particularly the “Magnificent Seven” stocks—has been hit especially hard. Apple, for example, saw nearly $640 billion wiped from its market cap in just three days following Trump’s tariff announcement. The CNBC Magnificent 7 Index has fallen roughly 5% over the same period.

Eyes on Earnings

This week, attention is turning to corporate earnings. Major banks like Goldman Sachs, Bank of America, and Citigroup are set to report, alongside big names in other sectors, including Netflix and United Airlines. With geopolitical and trade concerns clouding the outlook, these results will be closely watched for signs of resilience—or weakness—across the U.S. economy.

Disclaimer: The information contained herein (1) is proprietary to BCR and/or its content providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely; and, (4) does not constitute advice or a recommendation by BCR or its content providers in respect of the investment in financial instruments. Neither BCR or its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.