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

MAG Silver

12/05/2025 10:00

** 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

 (Reporting by Rashika Singh)

 ((Rashika.Singh@thomsonreuters.com;))