Stocks rallied worldwide on Monday after President Donald Trump relaxed some of his tariffs, for now at least.

The S&P 500 was 1.5% higher in early trading. That comes after a chaotic week where it careened through historic swings as financial markets struggled to catch up with Trump’s moves on tariffs, which investors fear could lead to a recession.

The Dow Jones Industrial Average was up 441 points, or 1.1%, at the opening, and the Nasdaq composite was 2% higher.

Apple, Nvidia and other big technology companies led the way on Wall Street after Trump said he was exempting smartphones, computers and some other electronics from some of his stiff tariffs, which could ultimately more than double prices for US customers of many goods coming from China.

Such an exemption should help US importers, which would not have to choose between passing on the higher costs to their customers or taking a hit to their own profits.

Apple climbed 5.3%, Nvidia rose 2.3%, and Dell Technologies jumped 5.9%.

Stock markets in other countries likewise bounced following the cooldown in Trump’s trade war with China, the world’s second-largest economy. Indexes climbed 2.2% in France, 2.7% in Germany, and 1.7% in the UK at the time of the US market's opening.

But the relief may prove fleeting. Trump’s tariff rollout has been full of fits and starts, and officials in his administration said this most recent exemption on electronics is only temporary.

The bond market is calming

Perhaps more encouragingly for Wall Street, the bond market was also showing signs of increasing calm. Treasury yields eased a bit following their sudden and scary rise last week, which seemed to rattle not only investors but also Trump himself.

Treasury yields usually drop when fear is high in the market because US government bonds have historically been seen as some of the world’s safest investments, if not the safest. But last week, yields rose unusually sharply for Treasury bonds. The value of the US dollar also fell against other currencies in another move suggesting investors may no longer see the United States as the best place to keep their cash during moments of stress.

Trump referred to the moves in the bond market when he announced a 90-day pause on many of his tariffs last week.

The yield on the 10-year Treasury eased back to 4.40%. It had jumped to 4.48% on Friday from 4.01% the week before.

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Elsewhere on Wall Street, Goldman Sachs rose 2.7% after reporting a stronger profit for the latest quarter than expected. It joined other big banks in doing so, such as JPMorgan Chase and Morgan Stanley.