US Stocks Rise Amid Trump Tariff Announcements
Market Summary:
* US stocks opened higher on Monday, reversing recent losses.
* The Dow Jones Industrial Average (DJI) gained 0.6%, the S&P 500 (GSPC) rose 0.5%, and the tech-heavy Nasdaq Composite (IXIC) advanced 0.7%.
Trump's Tariff Pledge:
* President Trump announced plans to impose 25% tariffs on steel and aluminum imports from all countries, including Canada and Mexico.
* The measure is expected to benefit domestic steel producers, with stocks such as Cleveland-Cliffs (CLF), Nucor (NUE), and US Steel (X) rallying.
Earnings Season Continues:
* 78 S&P 500 companies are scheduled to report earnings this week, including McDonald's (MCD), Coca-Cola (KO), and Airbnb (ABNB).
Inflation Concerns:
* Investors are monitoring the rising tariff hikes, which could potentially drive up inflation and stall interest rate cuts.
* The January consumer price index (CPI) due on Wednesday will be closely watched for clues about inflation trends.
Gold's Strength Amid Tariffs:
* Gold surged past $2,900 per ounce on Monday, reaching a record high amidst tariff uncertainties.
* Analysts view gold as a safe haven asset during times of market volatility and trade tensions.