US benchmark equity indexes closed higher Monday as traders tracked tariff updates and a survey that showed a surprise acceleration in private-sector output growth.The Nasdaq Composite gained 2.3% to 18,188.6, while the S&P 500 rose 1.8% to 5,767.6. The Dow Jones Industrial Average advanced 1.4% to 42,583.3. Barring utilities that closed little changed, all sectors logged gains, led by consumer discretionary.

In company news, Boeing's first-half aircraft deliveries are expected to benefit from higher inventory levels, while management's recent positive comments around free cash flow prompted RBC Capital Markets to raise its FCF estimates for the plane maker. Boeing shares rose 1.6%. Tesla shares jumped 12%, the top performer on the S&P 500, while Nvidia was among the best performers on the Dow with a 3.2% increase. Amazon.com was the second-best stock on the Dow, up 3.6%. Other mega-cap tech stocks Microsoft, Apple, Alphabet, and Meta Platforms also closed higher.

The White House may give "a lot of countries" breaks on planned reciprocal tariffs, which are expected to go into effect April 2, media outlets reported, citing President Donald Trump. The Trump administration will announce tariffs on automobiles "very shortly" and on pharmaceuticals "at some point in the not too distant future," Bloomberg News reported, citing Trump. In a social media post, Trump said the US will impose 25% tariffs on countries that purchase oil and/or gas from Venezuela, effective April 2.

US Treasury yields moved higher Monday, with the 10-year rate gaining 8.5 basis points to 4.34% and the two-year rate rising 9.1 basis points to 4.04%.

In economic news, US private-sector output growth unexpectedly accelerated in March, while the year-ahead outlook deteriorated amid tariff concerns, according to S&P Global's flash purchasing managers' index. "A welcome upturn in service sector activity in March has helped propel stronger economic growth at the end of the first quarter," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "A key concern over tariffs is the impact on inflation, with the March survey indicating a further sharp rise in costs as suppliers pass tariff-related price hikes on to US companies."

West Texas Intermediate crude oil gained 1.3% to $69.19 a barrel. "Oil prices inched up as investors weighed the impact of fresh US sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets," D.A. Davidson said in a note.

Gold fell 0.1% to $3,017.40 per troy ounce, while silver rose 0.2% to $33.54 per ounce.

Portfolio News

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