U.S. stocks edged up Monday morning as investors digested mixed messages on the trade war, following some of the most chaotic and turbulent weeks in recent market memory.

The Dow Jones Industrial Average rose 91 points, or 0.2%, while the S&P 500 added 12 points, also climbing 0.2% as of 12:20 p.m. Eastern. The tech-heavy Nasdaq Composite remained breakeven. Gold, meanwhile, slipped 0.8%, suggesting a slight pullback from last week’s mad dash into safe-haven assets. Apple (AAPL+2.38%) stock climbed, helping lead market indexes higher.

A surprise tariffs announcement late Friday triggered the tech-led bounce on Monday. The electronics exemption, issued by U.S. Customs and Border Protection, seemed to shield smartphones, laptops, and other consumer electronics from Trump administration tariffs on Chinese goods – offering relief for companies that rely heavily on Chinese manufacturing, such as Apple, Nvidia (NVDA-0.14%), and Microsoft (MSFT-0.73%)

But the reprieve may be short-lived. Commerce Secretary Howard Lutnick said Sunday that the products are still included under a forthcoming round of semiconductor-related tariffs, “coming in probably a month or two.”

And President Donald Trump later rejected the idea that there had been any exemption at all, saying the goods are still subject to existing 20% fentanyl-linked tariffs and had merely shifted tariff categories. He said no product was actually exempt, calling the change a simple reclassification.

“NOBODY is getting ‘off the hook,’” Trump said Sunday on his social media site Truth Social.

Democratic Sen. Elizabeth Warren of Massachusetts criticized the shifting policies as “chaos and corruption,” warning that such unpredictability is eroding investor confidence.

Forecasts cut amidst extreme fear

Perhaps unsurprisingly, the Fear & Greed Index is still planted in “extreme fear” territory, reflecting a lack of bullish sentiment amidst chaotic policy announcements — to say nothing of chaotic policy determination. The S&P 500’s recent 5% intraday swings suggest volatility that is more structural than seasonal.

Analysts at both Morgan Stanley (MS+1.07%) and Citigroup (C+3.01%) have cut their year-end forecasts for U.S. stocks, pointing to rising risks from such unpredictable policy moves and ongoing geopolitical tensions.

Heading into a packed week of corporate earnings in which major banks, healthcare companies, and consumer-facing platforms such as Netflix (NFLX+0.84%) will report results, each release could either steady or rattle investor nerves.

Apple bites back

Apple stock jumped 2.3% on Monday morning, lifted by hopes the company will be temporarily exempt from new electronics tariffs.

Separately, Apple reclaimed the top spot in global smartphone shipments for the first quarter 2025, thanks to strong demand for the iPhone 16e in markets such as Japan and India. Even alongside valid fears of disruptions to Apple’s supply chain, its product suite and global brand power remain unmatched.

Goldman Sachs opens the earnings floodgates

Goldman Sachs (GS+1.79%) reported a robust 15% increase in first-quarter profit, reaching $4.74 billion, or $14.12 per share, driven by strong trading performance amid market volatility. Goldman stock rose 1.7% Monday morning.

But it’s not just about one earnings beat. Goldman is a bellwether for how corporate America is handling volatility, providing a real-time pulse check on capital flows and investor sentiment in a year that’s been anything but normal. On Monday, it’s a reminder that Wall Street firms may make money whether times are good or bad.