US Stocks Mixed as Trump’s Tariffs Take Effect; Tech Sector Shows Resilience

US equities pared losses Thursday as President Trump's sweeping tariffs on nearly 200 trading partners took effect at 12:01 a.m. ET. The tech-heavy Nasdaq Composite (^IXIC) bucked the trend with a 0.2% gain, while the S&P 500 (^GSPC) dipped 0.2% and the Dow Jones Industrial Average (^DJI) fell 0.5%.

Market participants digested conflicting signals from the White House, with TRUMP simultaneously enforcing new import duties while hinting at potential carveouts for semiconductor tariffs that could benefit Big Tech. Apple (AAPL) shares rallied after announcing a $100 billion domestic investment plan that includes manufacturing iPhone components in Kentucky.

The Yale Budget Lab projects the average effective tariff rate will surge to 18.6% - the highest level since 1933 - with duties ranging from 10% to 50% across affected imports. Meanwhile, the administration named Stephen Miran to fill a vacant Federal Reserve Board seat through 2026 following Adriana Kugler's resignation.