'Magnificent Seven' stocks rise as US-China trade deal boosts market confidence

The "Magnificent Seven" group of megacap stocks up in premarket trading after the United States and China reached a deal to cut down reciprocal tariffs

Tesla TSLA.O leading gains with a 7% climb, while Nvidia NVDA.O up 4.5%; Meta Platforms META.O and Amazon.com AMZN.O rise between 5% and 6.5%

Apple AAPL.O up 6.5%, Microsoft MSFT.O and Alphabet GOOGL.O advance between 2% and 3%

Stocks across the U.S. advance sharply after the world's two biggest economies agreed to a 90-day pause (effective from May 14 until August 12) and a 115% reduction in reciprocal tariffs, with global stocks also surging ahead

Separately, pharma stocks slump as U.S. President Donald Trump announces an executive order to cut prescription prices to match those in other wealthy countries, with reductions of 30% to 80%

The S&P 500 .SPX index has lost 3.8% YTD, through last close