Stocks rose on Monday as major technology names outperformed to start the week, while traders shrugged off President Donald Trump's latest U.S. tariff threats.
The Dow Jones Industrial Average was trading about 167 points higher, or nearly 0.4%, led by a roughly 4% gain in McDonald's.
The S&P 500 was up 0.67%, and the Nasdaq Composite was up about 0.98%.
Markets remained jittery on a mix of inflation concerns coupled with worries about how Trump's tariff plans could hurt the U.S. economy.
Trump told reporters Sunday that he plans to announce a blanket tariff of 25% on all steel and aluminum imports on Monday. Trump did not say when the tariffs would go into effect and noted that he would also issue retaliatory tariffs on countries that tax U.S. imports. The news comes after Trump announced tariffs on China.
Steel and aluminum stocks jumped. U.S. Steel
and Nucor
rose more than 3.5% and 5.5%, respectively. Cleveland-Cliffs
rose more than 17%, and Alcoa
traded 3% higher.
Chipmakers also traded higher as sentiment appeared to improve after a selloff in tech stocks in late January, sparked by concerns about the rise of Chinese AI startup DeepSeek. Nvidia
rose 3.5%, while Broadcom
and Micron
rose 4.5% and about 4%, respectively. Large-cap tech names Alphabet
, Amazon
and Microsoft
also rose.
"Volatility around DeepSeek and tariff concerns have not derailed our positive view on risk assets, particularly in the U.S. In the short term, we expect continued volatility on tariff headlines and potential passage of the April bill in the U.S., but we maintain 6,500 as our year-end target for the S&P 500," JPMorgan's head of cross-asset strategy Fabio Bassi said in a note to clients.
The threat of further tariffs comes ahead of a slew of economic data this week. The January consumer price index report is due out at 8:30 a.m. ET Wednesday, followed by initial weekly jobless claims and the producer price index on Thursday. Federal Reserve Chairman Jerome Powell will also address Congress on Tuesday morning. (Newsmaker23)
Source: CNBC
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