(Alliance News) - Shares ended higher in New York on Monday despite another reversal of Trump administration tariff policy over the weekend, while Nvidia touted a new commitment to US-made semiconductors.

On Wall Street, the Dow Jones Industrial Average ended up 312.08 points, 0.8%, at 40,524.79. The S&P 500 rose 42.61 points, 0.8%, to 5,405.97. The Nasdaq Composite closed up 107.03 points, 0.6%, at 16,831.48.

Tariffs remained top of investors minds, as President Trump on Sunday again reversed course on US trade policy.

The Trump administration late Friday said products such as phones, semiconductors, and computers would be exempt from Chinese tariffs for a two-month period.

But on Sunday, the President stressed the reprieve was "temporary" and part of a longstanding plan to apply a different, specific levy to the technology sector.

"Nobody is getting 'off the hook'," Trump said in a social media post Sunday, adding the exempted products are "just moving to a different tariff 'bucket'" and that the administration will be "taking a look at semiconductors and the whole electronics supply chain."

Michael Brown, strategist at Pepperstone, said he retains a preference for "rally selling, for the time being at least, especially given the elevated degree of uncertainty which persists, and which seems unlikely to dissipate any time soon."

He said "the incoherence with which economic policy is being made, coupled with the credibility erosion caused by President Trump’s constant U-turns and 'governing by tweet' modus operandi, is clearly creating more than a few jitters. Fundamentally, even though the ridiculous 'reciprocal' tariffs have been paused (for now), the prospect of those levies being imposed again will continue to linger."

Nvidia on Monday announced plans to build top-end artificial intelligence supercomputer chips entirely in the US for the first time.

Supercomputer plants are being built in Texas in partnerships with Foxconn and Wistron, with manufacturing expected to ramp up over the course of the next 12 to 15 months.

TSMC plants in Arizona have already started production of Nvidia's called Blackwell chip, the company added.

"The engines of the world's AI infrastructure are being built in the US for the first time," said chief executive officer Jensen Huang.

"Adding American manufacturing helps us better meet the incredible and growing demand for AI chips and supercomputers, strengthens our supply chain and boosts our resiliency."

Nvidia plans to produce as much as half a trillion dollars worth of AI infrastructure in the US by the end of the decade through partnerships with TSMC, Foxconn, Wistron, Amkor and SPIL

Nvidia closed down 0.2%.

Goldman Sachs Chief Executive Officer David Solomon on Monday said uncertainty around US trade policy has created "material" economic risks, globally.

"This uncertainty around the path forward and fears over the potentially escalating effects of a trade war have created material risks to the US and global economy," Solomon said on Goldman Sachs' first quarter earnings call.

Despite the poor outlook, Goldman reported what he called "very strong" first quarter results in a "highly dynamic environment."

The New York-based financial services company said net earnings in the first quarter of 2025 increased 15% to USD4.74 billion from USD4.13 billion a year earlier.

Diluted earnings per share rose 22% to USD14.12 from USD11.58, beating consensus for USD12.33.

Net revenue improved 6.0% to USD15.06 billion from USD14.21 billion, reflecting higher net revenues in Global Banking & Markets, partially offset by slightly lower net revenues in Asset & Wealth Management.

Equities net revenue jumped 27% to a record USD4.19 billion from USD3.31 billion in the first quarter of 2024. Investment banking fees were down 8.0% to USD1.91 billion from USD2.08 billion a year ago.

Looking ahead, Solomon said second quarter business has been "performing very well" with clients "very active".

The CEO said his general message to people "is to go slow and take a pause here until we have more clarity around a lot of these issues."

Goldman Sachs ended up 1.9%.

Paychex on Monday said it has completed its acquisition of Paycor for a total enterprise value of USD4.1 billion, or USD22.50 per share.

The company said it expects annual cost synergies of more than USD80 million in the 2026 financial year with "substantial revenue synergy opportunities" in future.

The deal was announced in January.

"The Paycor acquisition unites two industry leaders with unrivaled AI-enabled technology supported by world-class service and advisory capabilities," said Paychex Chief Executive Officer John Gibson. "Our customers will benefit from more choice, more expertise, and more flexibility than ever before."

Paychex ended up 1.6%.

Intel on Monday said it has agreed to sell 51% of its Altera business to technology-focused US private equity firm Silver Lake Technology Management.

The deal values chipmaker Altera at USD8.8 billion, far less than the USD16.7 billion Intel had purchased the firm for in 2015.

The deal establishes operational independence for Altera, which makes it the largest pure-play field programmable gate array semiconductor solutions company, Intel said.

The transaction is expected to close in the second half of 2025.

Intel rose 2.9%.

The pound traded at USD1.3197 late Monday, up from USD1.3074 at the New York close on Friday. The euro rose to USD1.1366 from USD1.1338. Against the yen, the dollar was at JPY142.94, falling from JPY143.57 on Friday.

Brent was quoted at USD64.32 a barrel on Monday, down from USD64.76 on Friday. West Texas Intermediate rose to USD61.14 from USD60.98.

Gold was quoted at USD3,209.40 late in the trade on Monday, down from USD3,231.65 on Friday.

In Europe, the FTSE 100 in London closed up 2.1%. The DAX 40 in Frankfurt gained 2.9%. The CAC 40 in Paris ended up 2.4%.

In Asia, the Nikkei 225 index in Tokyo closed up 1.2%. In China, the Shanghai Composite ended up 0.8% and the Hang Seng Index gained 2.4% in Hong Kong. The S&P/ASX 200 in Sydney rose 1.3%.

Tuesday's corporate calendar has first quarter results from Bank of America, Citigroup and Johnson & Johnson.

The global economic diary has eurozone industrial production data and the ZEW economic sentiment survey. In the US there's export and import prices, the Redbook index and the New York empire state manufacturing index.

By Aidan Lane, Alliance News reporter

Comments and questions to [email protected]

Copyright 2025 Alliance News Ltd. All Rights Reserved.