April 14, 2025

Markets:

Stock futures climbed Monday morning after a surprise move by President Donald Trump to exempt certain tech products from new tariffs gave the sector a boost.

Late Friday, new U.S. Customs and Border Protection guidance revealed that smartphones, computers, and key components like semiconductors would be excluded from Trump’s new “reciprocal” tariffs.

Apple shares surged over 5% in premarket trading, while Nvidia jumped more than 3%. The Technology Select Sector SPDR Fund (XLK) rose more than 2% ahead of the open.

However, gains may be tempered after Trump and Commerce Secretary Howard Lutnick clarified on Sunday that these exemptions may not be permanent. Trump noted on Truth Social that these products are still “subject to the existing 20% Fentanyl Tariffs” and are simply being moved to a different tariff category, reigniting some uncertainty.

These developments come amid mounting pressure on shares of the “Magnificent Seven” following Trump’s earlier “Liberation Day” tariff announcement.

Elsewhere, Goldman Sachs shares popped nearly 3% premarket after reporting stronger-than-expected Q1 earnings.

Portfolio:

We’re stepping into what could be a monster week—one packed with opportunity that could spark momentum for months. We’re currently holding setups in SOXL, TSLL, and S, and we’re especially excited as tech earnings start to roll in.

Market sentiment remains cautiously bullish after a volatile relief rally, though macroeconomic concerns still loom. Wednesday is a big day on the macro front with Retail Sales, Industrial Production, and Crude Inventory data due. Keep in mind, markets are closed Friday for Good Friday, making this a short trading week.

A key technical level to watch is SPX 5575. Reclaiming that level could shift us out of this range-bound flag pattern—pending further clarity on tariffs.

As I mentioned last week, technicals are taking a backseat for now in this headline-driven market. We need to remain patient, be agile to adapt, and respond to developments. If there’s no further escalation on tariffs, markets could begin to slowly climb the wall of worry. It feels like the worst-case scenario is already being priced in, which ties back to our thesis that tech may be directly undervalued heading into Q2 earnings. Imagine the potential moves if clarity returns.

We continue to believe a resolution on tariffs is coming. Some of the most powerful CEOs in the world met with Trump last week—it’s likely just a matter of time before the market gets rewarded.

Stay ready and patient. President Trump is scheduled to speak twice today, at 11 AM and 3 PM—expect potential volatility around those times.