Mixed US Market Reaction to Trump Tariffs as Tech Sector Gains Partial Exemption

US equities showed divergent trends Thursday as President Trump's sweeping tariffs took effect at 12:01 a.m. ET, impacting nearly 200 trading partners with duties ranging from 10% to 50%. The tech-heavy Nasdaq Composite ROSE 0.3% amid signals of potential semiconductor tariff carveouts, while the Dow Jones Industrial Average fell 0.6%.

Nvidia shares gained 0.7% following Trump's indication that certain semiconductor companies might avoid proposed 100% duties. The administration simultaneously announced Apple's $100 billion domestic investment plan, including new Kentucky-based manufacturing for iPhone components.

Market momentum wavered early session after unconfirmed reports surfaced regarding Federal Reserve Governor Christopher Waller's policy stance. The S&P 500 erased morning gains to trade 0.1% lower, reflecting ongoing uncertainty about the tariff regime's full implementation.