Advertisment
Stocks rose Monday as major tech names outperformed to start the week, while traders looked past the latest U.S. tariff threat from President Donald Trump.
The Dow Jones Industrials jumped 92.64 points, to 44,396.04.
The S&P 500 took on 36.75 points to 6,062.74
The tech-heavy NASDAQ popped 215.59 points, or 1.1%, to 19,739.
Trump told reporters on Sunday that he’s planning to announce a blanket 25% tariff on all steel and aluminum imports on Monday. Trump did not specify when the tariffs would be imposed and noted that he would also issue retaliatory tariffs on countries that tax U.S. imports.
The news comes as Trump’s previously announced duties on China are set to go into effect at midnight on Sunday.
Steel and aluminum stocks popped. U.S. Steel and Nucor were up more than 3% and 5%, respectively. Cleveland-Cliffs climbed 11%, and Alcoa traded 3.3% higher.
The threat of more tariffs comes ahead of a slew of economic data this week.
The January consumer price index report is due out Wednesday at 8:30 a.m. ET, followed by initial weekly jobless claims and the producer price index on Thursday. Federal Reserve Chair Jerome Powell will also speak before Congress on Tuesday morning.
Investors will also look toward more major corporate earnings out this week, including Coca-Cola. McDonald’s on Monday reported disappointing quarterly revenue, but still saw its shares gain more than 4.5%.
Prices for the 10-year Treasury eked ahead, lowering yields to 4.48% from Friday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $1.43 to $72.43 U.S. a barrel.
Prices for gold gained $43.60 an ounce to $2,931.20 U.S.
