The truce in the U.S.-China tariff war stirred the New York stock market. Large tech stocks and semiconductor stocks surged.
On the 12th (local time), Apple shares closed up 6.31% at $210.79 on the Nasdaq stock exchange in New York.
Apple's market capitalization rose to $3.148 trillion, regaining the $3 trillion mark. It is closely chasing leader Microsoft ($3.339 trillion).
E-commerce giant Amazon closed up 8.07% at $208.64.
AI leader NVIDIA also recorded a 5.44% increase, reaching $123. This is the first time NVIDIA has hit the $120 mark since March 25 ($120.69). The closing price on this day is the highest since February 28 ($124.91).
Apple handles a significant portion of iPhone production in China. Amazon has many sellers with a high dependence on Chinese products. NVIDIA has faced restrictions on chip exports to China.
Electric vehicle manufacturer Tesla closed up 6.75% at $318.38, recovering the $300 mark for the first time in about two and a half months since February 25 ($302.80).
Facebook's parent company Meta Platforms also recorded a 7.92% surge, reaching $639.43. Google and Microsoft closed up 3.37% and 2.40%, respectively, at $159.58 and $449.26.
The semiconductor sector also celebrated a surge. Broadcom rose 6.43%, while TSMC increased by 5.93%. AMD and Qualcomm also saw increases of 5.13% and 4.78%, respectively.
Marvell Technology and Micron soared even higher, increasing by 8.13% and 7.49%, respectively. The Philadelphia semiconductor index skyrocketed by 7.04%.
On this day, the United States and China agreed to reduce reciprocal tariffs by 115 percentage points each for 90 days. U.S. tariffs on China will drop from 145% to 30%, and China's tariffs on the U.S. will reduce from 125% to 10%.
Daniel Ives, an analyst at Wedbush Securities, noted, "The two countries have entered a path of acceleration towards a broader agreement," and projected, "There is a high possibility that the market and tech stocks will set new highs this year."