Tech Stocks Surge, Steelmakers Jump On Trump's 25% Tariffs, Copper Hits 9-Month Highs: What's Driving Markets Monday?
Piero Cingari 1 year ago
EquitiesGovernmentLarge CapMacro Economic EventsRegulationsCommoditiesEcon #sTop StoriesEconomicsTechETFs
Wall Street bounced back on Monday, recovering from Friday's robust decline fueled by tariff concerns, as investors remained focused on strong earnings from the fourth-quarter reporting season while awaiting further clarity on trade policie
Wall Street bounced back on Monday, recovering from Friday's robust decline fueled by tariff concerns, as investors remained focused on strong earnings from the fourth-quarter reporting season while awaiting further clarity on trade policies.
The Nasdaq 100 jumped 1.3% by midday in New York, poised for its best session in over three weeks, with semiconductor stocks leading the charge.
Nvidia Corp. (NASDAQ:NVDA) gained 3.4%, buoyed by a Wall Street Journal report announcing that New York State banned DeepSeek from government devices, sparking speculation about stricter state regulations on Chinese AI chip products.
Steel and aluminum stocks rallied after President Donald Trump announced plans to impose a 25% tariff on imports of both metals from all countries.
- United States Steel Corp. (NYSE:X) rose 4.7%, eyeing its best session in a month.
- Steel Dynamics Inc. (NASDAQ:STLD) climbed 5.5%.
- Century Aluminum Co. (NASDAQ:CENX) jumped 10.4%, while Nucor Corp. (NYSE:NUE) gained 6.5%.
- Cleveland-Cliffs Inc. (NYSE:CLF) soared 17.3%, Alcoa Corp. (NYSE:AA) rose 3.6%, and Kaiser Aluminum Corp. (NASDAQ:KALU) added 2.9%.
Commodities rallied, with metals and energy producers outperforming. Gold extended record highs with a 1.5% gain, but copper stole the spotlight, surging 2.6% to its highest level since May 2024, marking its sixth consecutive daily gain. Oil prices also rebounded, rising over 1%.
Crypto sentiment improved slightly, with Bitcoin (CRYPTO: BTC) gaining 1% to $97,500 after a period of subdued price action.
Monday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %change |
| Nasdaq 100 | 21,778.76 | 1.3% |
| S&P 500 | 6,069.92 | 0.7% |
| Russell 2000 | 2,291.54 | 0.5% |
| Dow Jones | 44,437.68 | 0.3% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.7% to $604.81.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.3% up to $444.50.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rallied 1.3% to $529.73.
- The iShares Russell 2000 ETF (NYSE:IWM) rose 0.6% to $227.25.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 2%; the Financials Select Sector SPDR Fund (NYSE:XLY) lagged, down 0.7%.
Monday’s Stock Movers
Stocks reacting to earnings reports included:
- McDonald’s Corporation (NYSE:MCD): up 3.8%
- Rockwell Automation Inc. (NYSE:ROK): up 12.8%
- ON Semiconductor Corporation (NASDAQ:ON): down 6.6%
- monday.com Ltd. (NASDAQ:MNDY): up 30.3%
- Insperity, Inc. (NYSE:NSP): up 14.7%
- Edgewell Personal Care Company (NYSE:EPC): down 9.7%
- CNA Financial Corporation (NYSE:CNA): up 2.1%
- Incyte Corporation (NASDAQ:INCY): down 6.0%
- Roivant Sciences Ltd. (NASDAQ:ROIV): up 1.1%
- GCM Grosvenor Inc. (NASDAQ:GCMG): up 3.8%
- PowerFleet, Inc. (NASDAQ:AIOT): up 32.3%
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