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Drugmaker stocks gained a temporary reprieve on Thursday as U.S. President Donald Trump spared pharmaceutical products from reciprocal tariffs, but executives and analysts warned it was premature to celebrate as tariffs were still likely to come. Trump imposed a 10% tariff on most U.S. imports, as well as much higher levies on dozens of rivals and allies alike, but temporarily exempted some goods, including pharmaceuticals, benefiting major exporters including India, Japan and Ireland. Shares of U.S. drugmakers AbbVie and Johnson & Johnson rose about 2%, defying the broader market drop.

"We are maintaining our Stay Home (versus Go Global) bias, recommending that managers of global portfolios overweight US stocks," Ed Yardeni said.

Wall Street had hoped for a rally. Stock futures are in a free fall as investors digest President Donald Trump’s sweeping tariffs.

Companies that increase their dividend every single year "don't just suddenly stop growing their dividends because there are tariffs."

WASHINGTON (Reuters) -U.S. Council of Economic Advisers Chair Stephen Miran told Fox Business on Wednesday that there will be short-term bumps caused by tariffs announced by Washington, while Treasury Secretary Scott Bessent urged other countries not to retaliate. President Donald Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries, including some of the United States' biggest trading partners, deepening a trade war that has rattled global markets and bewildered U.S. allies. Some trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for products in the U.S. and in other parts of the world.

HOUSTON (Reuters) -Oil prices fell on Thursday as the decision by the OPEC+ group to speed up its unwinding of oil output cuts in May compounded already heavy losses following U.S. President Donald Trump's announcement of sweeping new tariffs. Brent futures were down $5.33, or 7.11%, at $69.62 a barrel by 1504 GMT. "Obviously, there's a lot of fear and moaning this morning," said Phil Flynn, senior analyst with Price Futures Group.

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