Dell and Best Buy stocks are rebounding after Trump’s surprise tariff exemption
Tech and electronics stocks are charging higher to kick off the week, following a temporary exemption from President Donald Trump’s reciprocal tariffs. Best Buy Co Inc (NYSE:BBY) and Dell Technologies Inc (NYSE:DELL) are among the biggest beneficiaries, both rallying on news that smartphones, computers, and key components like semiconductors will be excluded from the latest round of trade duties, returning to just the 20% tariff related to the fentanyl crisis. The White House’s move appears to have sparked a wave of bargain-hunting after a brutal stretch for tech stocks in 2025.
Best Buy stock was last seen 2.6% higher at $61.99, trying to claw back some of the steep losses that had pushed it to a near five-year low of $55 just last week. BBY is still down 27.4% in 2025, hammered by the initial wave of tariff announcements earlier this month. The electronics retailer had been one of the most severely impacted names, and while Trump’s rollback sparked a partial recovery, new comments suggest that duties on phones and semiconductors could still be revisited in the coming week.
Dell shares were last seen 4.4% higher to trade at $85.57, following a sharp drop that’s left the stock down 25.2% in 2025 and 37.2% over the last nine months. On April 7, DELL hit $66.25 -- its lowest level since September 2023 -- before bouncing higher on the tariff news. The equity has now reclaimed support at its 10-day moving average, a short-term trendline it had previously struggled to break above. While the move is encouraging for bulls, technical resistance looms at the 30-day moving average near $90.
Both stocks are drawing elevated options activity as traders bet on more upside. Best Buy has seen 4,067 calls cross the tape so far -- double its average intraday volume -- while Dell has racked up 22,000 calls, or 1.7 times its usual pace. New positions are opening at DELL’s most popular April 90 call and BBY’s most active April 65 call.