US stocks were higher to kick off the week, with the S&P 500 rising 0.5%, the Nasdaq adding 0.7% and the Dow Jones gaining about 270 points, with traders digesting fresh tariffs and awaiting key economic data and Fed Chair Powell's testimony to Congress.
President Trump announced plans to impose 25% tariffs on all imports of steel and aluminum into the US and said new reciprocal tariffs would also be announced this week.
Steel-related companies got a boost on the news, namely Cleveland-Cliffs (14.2%), Nucor (6.2%), Steel Dynamics (4.3%), US Steel Corp (4%), and Alcoa (2.8%).
McDonald's rose about 4.6% as same store sales for Q4 were up 0.4%, compared to an expected decline of 0.91%. On the other hand, Tesla (-2.8%) was booking losses. Meanwhile, CPI, PPI, and retail sales reports will be released this week, providing further insights into price pressures and consumer spending strength.
Source: Trading Economics
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