U.S. stock index futures rose on Sunday evening as investors cheered the exclusion of electronics from President Donald Trump’s steep reciprocal trade tariffs on China, although Trump still warned of more tariffs on the sector. 

Futures rose after a positive session on Wall Street on Friday, as assurances from the Federal Reserve and a swathe of positive first-quarter bank earnings helped ease jitters over a rapidly escalating U.S.-China trade war. 

Focus this week is on more key earnings, while comments from Fed Chair Jerome Powell are also on tap. Investors are also expected to closely monitor any more cues on Trump’s tariffs, with the President stating that he will provide more details on his tariff plans on Monday. 

S&P 500 Futures rose 0.9% to 5,438.0 points, while Nasdaq 100 Futures rose 1.2% to 19,034.75 points by 19:26 ET (23:36 GMT). Dow Jones Futures rose 0.6% to 40,635.0 points. 

Trump says electronics to still be tariffed, more duties coming 

Trump on Sunday railed against reports that electronics will be excluded from his sweeping “reciprocal” tariffs against China, which the President had hiked to a cumulative 145% last week.

Trump said that imports of electronics such as smartphones and laptops will still be subject to 20% tariffs related to fentanyl, while his administration signaled that electronics, including semiconductors, will be subject to separate tariffs in the coming months.

Still, the exclusion of electronics from Trump’s 145% tariffs on China grants some reprieve to tech majors with heavy exposure to China, specifically Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA). 

The White House said the exclusions were aimed at giving companies more time to shift production to the United States. 

Wall St ends higher after whipsaw week 

While news of the tariff exemptions came towards the end of Wall Street’s Friday session, U.S. stocks still clocked strong gains after wild swings last week.

Market volatility was amped up by Beijing and Washington rapidly escalating trade tariffs against each other. China imposed a 125% duty on all American imports, and showed little signs of backing down.

Still, assurances of economic support from the Fed, coupled with strong bank earnings, helped Wall Street close positive for the week. JPMorgan Chase & Co (NYSE:JPM), Morgan Stanley (NYSE:MS),and Wells Fargo & Company (NYSE:WFC) all clocked stronger-than-expected Q1 earnings. 

The S&P 500 jumped 1.8% to 5,363.36 points, while the NASDAQ Composite rose 2.1% ot 16,724.46 points on Friday. The Dow Jones Industrial Average rose 1.6% to 40,212.71 points.

More Q1 earnings are due in the coming days, with Goldman Sachs Group Inc (NYSE:GS) set to report on Monday, while Johnson & Johnson (NYSE:JNJ), Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), and United Airlines Holdings Inc (NASDAQ:UAL) set to report on Tuesday. 

Several Fed officials are also set to speak this week, most notably Chair Powell on Wednesday.