Stocks Get Late Boost From Tech as Tariffs Loom: Markets Wrap
- Trump tariffs to take immediate effect, White House says
- US manufacturing activity shrinks for first time this year
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A rally in the world’s largest tech companies lifted stocks as investors brushed off weak economic readings to focus on prospects for interest-rate cuts ahead of President Donald Trump’s tariff rollout.
In another volatile session, the S&P 500 wiped out a 1% slide that was triggered by weak manufacturing and jobs data. A gauge of the “Magnificent Seven” megacaps halted a four-day selloff. Treasury yields dropped as traders slightly boosted their bets on Federal Reserve policy easing. That’s despite a surge in a price measure. Canada’s loonie and Mexico’s peso gained on news the leaders of both countries held a “productive” call on trade.