US STOCKS-Wall Street gains with Apple shares; investors assess tariff exemptions

(Updates to afternoon trading)

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Apple ( AAPL ) shares gain on exemptions on tariffs

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Goldman Sachs ( GS ) rises after results

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Indexes up: Dow 1%, S&P 500 1.2%, Nasdaq 1%

By Caroline Valetkevitch

NEW YORK, April 14 (Reuters) - The three major U.S. stock indexes climbed on Monday, with Apple ( AAPL ) giving the S&P 500 its biggest boost as the White House exempted smartphones and computers from new tariffs, but uncertainty over future tariffs kept investors cautious. The United States unveiled the exemptions on Friday, but then President Donald Trump on Sunday said he would be announcing the tariff rate on imported semiconductors over the next week.

Global technology shares rose on the news, especially for companies that rely on imports from China. Shares of iPhone maker Apple ( AAPL ) were up 3.7%.

But investors remain worried about how companies will manage supply chains with more developments coming on the tariff front.

Monday's trading was choppy as it has been since Trump announced sweeping tariffs on April 2. Wall Street has seen its wildest swings in years amid worries that a global trade war will push the economy into recession.

"Really what we have is just continued uncertainty and inability for consumers and businesses and investors to plan much going forward or have reason to commit to long-term spending plans," said Jed Ellerbroek, a portfolio manager at Argent Capital Advisors in St. Louis, Missouri. In addition, some technical analysts are keeping an eye on a looming "death cross" pattern in the S&P 500, although some strategists say history shows it may not necessarily mean equities face more significant downside.

The Dow Jones Industrial Average rose 425.94 points, or 1.06%, to 40,638.65, the S&P 500 rose 62.00 points, or 1.16%, to 5,425.36 and the Nasdaq Composite rose 171.94 points, or 1.03%, to 16,896.39.

The S&P 500's 50-day moving average ended on Friday at about 5,761, while the 200-day moving average ended just over 5,754.

While the benchmark stock index was higher in Monday afternoon trading, the 50-day moving average was on track to fall at the close of the session, which would put it below the 200-day moving average for the first time since February 1, 2023.

The CBOE Volatility Index, Wall Street's "fear gauge," eased from eight-month highs hit last week and was last at 30.86.

With markets closed on Good Friday, the shorter trading week ahead will be scrutinized for signs on how policymakers, businesses and consumers assess the economic outlook amid such policy uncertainty.

The tariff turbulence has come as U.S. companies begin to report results for the 2025 first quarter. Goldman Sachs ( GS ) shares rose 2.6% after the bank reported higher first-quarter profit. Quarterly earnings from companies including Netflix ( NFLX ) are also on the radar this week. Among other stocks, obesity drugmakers gained after Pfizer ( PFE ) said it would end the development of its experimental weight-loss pill. Pfizer ( PFE ) was up 0.9%.

(Reporting by Caroline Valetkevitch in New York; Additional reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Shinjini Ganguli, Pooja Desai and Matthew Lewis)