US stocks edged higher on Monday as steelmakers surged after US President Donald Trump said he would impose 25% tariffs on steel and aluminum imports.
Trump also said he would announce reciprocal tariffs on all countries on Tuesday or Wednesday.
As of 10:15 am Eastern time, the S&P 500 was up 0.6%. The Dow Jones Industrial Average rose 0.3% and the Nasdaq Composite was 1.1% higher.
At the opening bell, the Dow Jones Industrial Average rose 93.5 points, or 0.21%, to 44,396.92. The S&P 500 rose 20.4 points, or 0.34%, to 6,046.4, while the Nasdaq Composite rose 144.8 points, or 0.74%, to 19,668.178.
In the bond market, the yield on the 10-year Treasury fell to 4.46% from 4.50% late Friday. The yield on the 2-year Treasury eased to 4.25% from 4.29%.
Gainers and losers
Stocks of US steel and aluminum producers jumped, banking on expectations tariffs could help their profits.
US Steel gained 3.3%, Cleveland-Cliffs soared 11.6% and Alcoa climbed 3.8%.
Among megacaps, Nvidia stock climbed 3.5%, while Apple and Microsoft stocks rose about 1%.
Shares of General Motors fell 0.9% and Ford Motor lost 0.5%.
Rockwell Automation stock advanced 9.6% after the automation products maker posted a higher-than-expected profit for the first quarter.
McDonald’s shares surged 4.9% after reporting profit and revenue for the end of 2024, shy of analysts’ expectations.
Bullion
Gold prices continued their record rally on Monday and broke through the key $2,900 level for the first time, driven by safe-haven demand.
Spot gold surged 1.6% to $2,905.25 per ounce, as of 09:43 am ET (1443 GMT). US gold futures jumped 1.5% to $2,930.90.
Spot silver rose 1% to $32.12 per ounce.
Crude oil
Oil prices rebounded on Monday despite lingering fears over a potential global trade war after Trump’s latest tariff plans.
Brent crude futures were up 87 cents, or 1.2%, at $75.53 a barrel by 1413 GMT. US West Texas Intermediate crude added 1.3%, rising 90 cents to $71.90.
