The Nasdaq and other major stock market indexes began the week in positive territory on Monday as President Donald Trump planned new tariffs on steel and aluminum imports. The move follows Trump’s tariff announcements last week, which shook global markets.
While the impact of the tariff on the world economy is yet to be seen, investors are also focused on the inflation report that is set to be released this week, which will provide insight into how the Trump administration plans to tackle the macroeconomic situation.
The tech-heavy Nasdaq climbed by 1.1% Monday morning, while the Dow Jones Industrial Average and the S&P 500 saw increases of 0.3% and 0.6%, respectively.
Additionally, investors will focus on major corporate earnings this week, including Coca-Cola (KO+0.57%), Super Micro Computer (SMCI+8.05%), Robinhood (HOOD+1.24%), Coinbase (COIN+2.00%), and others.
Trump said Sunday that he plans to announce a blanket 25% tariff on all steel and aluminum imports. In response to the announcement, stocks for steel and aluminum companies saw significant increases on Monday, such as Cleveland-Cliffs (CLF+10.81%), U.S. Steel (X+3.30%), and Nucor (NUE+5.35%).
The fast-food giant McDonald’s (MCD+4.71%) missed Wall Street’s expectations for the fourth quarter, largely due to the lingering effects of an E. coli outbreak and ongoing inflation pressures. The October incident sickened hundreds of customers and caused a massive drop in foot traffic, leading to a decline in same-store sales. McDonald’s shares were up by 4% Monday morning.
— Francisco Velasquez contributed to this article.
The post The Dow and the Nasdaq climb as Trump eyes new steel and aluminum tariffs appeared first on Quartz.
