US STOCKS-Futures rally, tech shares jump on tariff reprieve for some electronics

April 14 (Reuters) - Wall Street futures rose on Monday after the White House exempted smartphones and computers from reciprocal tariffs on China, offering temporary relief to key U.S. tech imports from new levies.

U.S. announced the exemptions on Friday, but Trump has said he would announce tariff rates for imported semiconductors later in the week.

U.S. Commerce Secretary Howard Lutnick said the exempted technology products would face new duties within the next two months.

Still, futures for the major U.S. indexes rose over 1% each. Shares of iPhone maker Apple AAPL.O leapt 5.3% in premarket trading.

Chip stocks also jumped, with Nvidia NVDA.O rising 2.2% and Micron Technology up 4.1%, while PC maker HP HPQ.N and server maker Hewlett Packard Enterprise HPE.N gained 5.4% and 5%, respectively.

The exemptions were the latest change in Trump's tariff policies that have roiled global markets as investors, consumers and companies alike question the path forward and the impact on economic growth and inflation.

"Some will certainly interpret a 1–2-month reprieve as a positive, and there will be strong expectations that the Administration won't follow through," said Michael O'Rourke, chief market strategist at JonesTrading.

"Nonetheless, the President sent the trade hawks out to control the messaging, and that is a market negative."

At 5:12 a.m. ET, Dow E-minis 1YMcv1 were up 444 points, or 1.1%, S&P 500 E-minis EScv1 were up 79.25 points, or 1.47%, and Nasdaq 100 E-minis NQcv1 were up 317 points, or 1.69%.

Last week's imposition, then pause, of some reciprocal tariffs and escalations between the U.S. and China had triggered the wildest swings on Wall Street since the 2020 COVID pandemic. After slumping earlier in the week, the S&P 500 .SPX notched its biggest weekly gain since November 2023 on Friday.

The shorter trading week ahead will be scrutinized for indications on how policymakers, businesses and consumers are assessing the economic outlook amid policy uncertainty. Markets will be closed on Good Friday.

Quarterly U.S. corporate results will be in focus, with Johnson & Johnson JNJ.N and Netflix NFLX.O reporting later this week.

Goldman Sachs' GS.N shares rose 2.2% ahead of results before the bell.

Citigroup downgraded U.S. equities to "neutral" from "overweight" on expectations that Trump's sweeping tariffs would hit earnings growth in the region.

A New York Federal Reserve survey, due later on Monday, will also be watched for changing inflation expectations after survey data on Friday showed a sharp slump in consumer sentiment and inflation expectations at their highest level since 1981.

March retail sales data is scheduled for release on Wednesday, and Fed Chair Jerome Powell is due to speak.