Wall Street closed higher on Monday, driven by gains in AI-related stocks and steelmakers benefiting from potential tariffs imposed by US President Donald Trump. Nvidia and other AI chipmakers climbed 2.9% and 4.5%, respectively, while US steel producers like Nucor, U.S. Steel, and Steel Dynamics rose more than 4% each.
The S&P 500 index rose 0.67%, the Nasdaq gained 0.98%, and the Dow Jones Industrial Average added 0.38%. Heavyweight technology stocks fell sharply on Friday after Trump announced reciprocal tariffs on all countries, but rebounded on Monday.
Tesla ended down 3% after a report emerged of a consortium offering $97.4 billion to buy OpenAI’s parent nonprofit. McDonald’s, however, jumped 4.8% after posting a surprise rise in global comparable sales for the fourth quarter. Rockwell Automation and Coca-Cola are set to report quarterly results on Tuesday and Wednesday.
Federal Reserve Chair Jerome Powell will testify before Congress this week, with expectations of no rate cuts in March solidifying. Investors remain optimistic about earnings growth, citing AI’s role as a key driver of investor sentiment.
Source: https://www.reuters.com/markets/us/futures-rise-markets-shrug-off-trumps-latest-tariff-threat-steelmakers-jump-2025-02-10