Apple Rises as Tariff Delay Lifts Nasdaq Futures

Apple shares are set to benefit as the US delays reciprocal tariffs on smartphones, with the Nasdaq futures rising 1.2% and the S&P 500 up 0.8%. European markets outperformed amid speculation of further US tariff reversals and growing concern over the dollar’s global status. Meanwhile, the dollar fell below 143 yen and continued its slide against the Swiss franc and euro, as trade and currency tensions heat up ahead of Fed Chair Powell’s remarks this week.
Equities
The FTSE 100 rose 0.6% on Friday, helped by a strong showing in mining stocks, but still closed the week down 1.1%, marking a second consecutive weekly fall. Precious metals miners were among the top performers, with Fresnillo up 7.4% and Endeavour Mining climbing 6.4%, supported by higher bullion prices.
Industrial metal miners rose 2.7% as copper prices moved higher over the week. HSBC added 2.7%, lifted by strong results from US banks. Meanwhile, BP dropped 2.9% after warning of weak first-quarter gas marketing and trading results, along with a likely rise in net debt. That weighed on the broader energy index, which fell 1.2%.
The FTSE 250 was flat on the day, though it posted a 0.7% gain for the week. UK GDP data for February came in better than expected, showing growth of 0.5%, which helped cool expectations for interest rate cuts by the Bank of England. Long-dated UK government bond yields surged during the week, with 20- and 30-year yields on track for their biggest weekly rise since 2022, following concerns about inflation risks driven by rising tariffs between the US and China.
In the US, the S&P 500 climbed 1.8% on Friday, the Dow added 1.56%, and the Nasdaq rose 2.06%, rounding off a highly volatile week. The S&P 500 and Dow recorded their strongest weekly gains since November 2023, while the Nasdaq posted its best week since November 2022. These gains came as big banks kicked off the first-quarter earnings season with better-than-expected results.
JPMorgan Chase, Morgan Stanley, and Wells Fargo all beat earnings estimates, though outlooks were cautious due to the ongoing trade tensions. Meanwhile, economic data showed US producer prices unexpectedly fell by 0.4% in March, suggesting inflation pressures might be easing. However, consumer sentiment worsened, with one-year inflation expectations jumping to 6.7%, the highest level since 1981.
Forex & Commodities
The US dollar slipped further, falling 0.22% to 143.24 yen and hovering near a 10-year low against the Swiss franc at 0.8188. Against a basket of major currencies, the dollar held near Friday’s three-year low at 99.77. Sterling remained steady at $1.3099, holding on to most of last week’s 1.7% gain, while the New Zealand dollar rose to a four-month high of $0.5860. The euro was little changed at $1.1359, just shy of Friday’s three-year high.
In precious metals, spot gold eased 0.1% to $3,232.49 per ounce, pulling back slightly after hitting a new record high of $3,245.42 earlier in the day. The slight retreat followed Trump's decision to temporarily exempt smartphones and computers from new tariffs, which helped lift broader market sentiment and reduce safe-haven demand. However, the dollar’s ongoing weakness continues to lend support to gold. Goldman Sachs raised its end-2025 gold forecast from $3,300 to $3,700, citing central bank buying and stronger ETF inflows.
Oil prices moved slightly higher after Chinese customs data showed crude imports rebounded in March, boosted by deliveries from Iran and Russia. Brent crude was up 6 cents to $64.82 a barrel, while WTI gained 9 cents to $61.59. Still, both benchmarks have fallen around $10 per barrel since the start of April. Goldman Sachs now expects Brent to average $63 this year and $58 in 2026, while Fitch’s BMI cut its 2025 Brent forecast to $68.