Amazon, Tesla Stocks Lead ‘Magnificent 7’ Surge After US-China 90-Day Tariff Pause – Microsoft Shares Lag

The Magnificent Seven (Mag 7) stocks soared at the opening bell on Monday as markets were stronger after the U.S. and China announced a 90-day pause on their tariffs.

Amazon (AMZN) led the pack, surging more than 8.3%, followed by Elon Musk-led Tesla (TSLA) and Meta Platforms (META), which rose nearly 6% each.

iPhone maker Apple (AAPL) jumped more than 5%, while AI bellwether Nvidia (NVDA) was up more than 4%. Its semiconductor peers, Broadcom (AVGO) and Advanced Micro Devices (AMD), rose over 6% each.

Shares of Google's parent company, Alphabet (GOOG) (GOOGL), were up 3%, while Microsoft (MSFT) lagged with an increase of just 0.7%. 

Since President Donald Trump’s April 2nd ‘Liberation Day’ tariff announcements, Amazon’s stock has gained 13%, and Tesla’s shares have climbed 18%.

Nvidia’s stock and Microsoft’s stock have risen more than 17%. Meanwhile, Facebook and Instagram’s parent company, Meta Platforms’ stock, has gained 14% since the reciprocal tariffs were announced.

However, Alphabet’s shares have only gained 4%, and Apple’s stock has barely broken even with gains of 1.3%. 

According to a joint statement by the U.S. and China, President Donald Trump’s ‘Liberation Day’ reciprocal tariffs on China will be slashed to 10% from 125%. However, the other 20% tariff on what the President describes as China’s role in the fentanyl trade will also remain.

The combined 145% tariffs on most Chinese imports will be reduced to 30% overall. 

Meanwhile, China’s tariffs on U.S. imports will decrease to 10%.

U.S. Treasury Secretary Scott Bessent also indicated that the two sides are scheduled to meet again “in the next few weeks” to work on a more “fulsome agreement.”

The SPDR S&P 500 ETF Trust (SPY) was up over 2.6% at the opening bell, the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, was 3.23% higher, and the SPDR Dow Jones Industrial Average ETF (DIA) rose 2.59% on Monday.

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Read also: Bessent Signals Fresh US-China Talks For A More ‘Fulsome Agreement’ After 90-Day Tariff Pause