U.S. stocks closed higher on Monday as investors were still optimistic over trade talks between the United States and its trading partners despite President Donald Trump's latest salvo to double tariffs on imported steel and aluminum.
The Dow Jones Industrial Average rose 35.41 points, or 0.08%, to 42,305.48, the S&P 500 gained 24.25 points, or 0.41%, to 5,935.94 and the Nasdaq Composite gained 128.85 points, or 0.67%, to 19,242.61.
Cleveland-Cliffs, Steel Dynamics, Nucor, U.S. Steel - Cleveland-Cliffs shares jumped 23.2%, Steel Dynamics rose 10.3%, and Nucor gained 10.1% after President Donald Trump announced he would raise tariffs on imported steel to 50% from 25%, saying the move would strengthen the domestic steel industry. He made the announcement late Friday at a rally near Pittsburgh celebrating a $14 billion deal between U.S. Steel and Japan’s Nippon Steel. U.S. Steel shares were down 0.5%.
Nvidia - Nvidia stock gained 1.7% as investors adjusted to new tension about trade. Nvidia last week reported strong earnings but it still faces a potential obstacle in a flare-up in trade tensions between China and the U.S.
Tesla - Tesla fell 1.1%. The company delivered 721 cars in France over a 19-day period in May, down 67% from 2,197 cars over the same period a year earlier, according to the French car-trade association PFA.
Applied Digital - Shares of Applied Digital soared 48.5% after announcing a deal to lease data center space to AI darling CoreWeave. Both companies are backed by Nvidia, the chipmaking giant most associated with the rise of artificial intelligence.
Li Auto, XPeng, NIO - Meanwhile, Chinese electric-vehicle companies posted another strong month of growth. U.S.-listed shares of Li Auto fell 1.8% after the company delivered 40,856 vehicles in May, up 17% from a year earlier. XPeng saw deliveries jump 230% from last year to 33,525. The stock fell 0.3%.
NIO’s deliveries rose 13% to 23,231 vehicles in May. NIO shares were down 0.6%. BYD, the largest EV maker in China, delivered 376,930 passenger vehicles, up 14% from a year earlier, including 204,369 battery-electric models, or BEVs. BYD shares in Hong Kong fell 1.9%.
General Motors, Ford - General Motors and Ford Motor both fell 3.9%. Trade comments by Trumpmay have been the reason for the declines. “It used to bother me [that] they make a part in Canada, a part in Mexico, a part in Europe, send it all over the place, nobody knew what the hell was happening,” Trump said Friday at news conference with Tesla CEO Elon Musk. “If you build a car, make it in America.”
Moderna - Moderna rose 1.8% after the Food and Drug Administration approved a new Covid-19 vaccine, mNexspike, for use in adults 65 and older or people aged 12 to 64 years with at least one or more underlying coronavirus risk factor.
BioNTech, Bristol Myers Squibb - BioNTech rose 18.1% in U.S. trading after the German drugmaker reached an agreement to partner with Bristol Myers Squibb to develop BioNTech’s experimental cancer drug. Bristol Myers will pay BioNTech $1.5 billion upfront and $2 billion total in noncontingent anniversary payments through 2028. BioNTech also will be eligible to receive up to $7.6 billion in additional development, regulatory and commercial milestone payments, the companies said. Bristol Myers was up 1.1%.
Blueprint Medicines - Blueprint Medicines jumped 26.1% to $127.79 after France’s Sanofi reached a deal to buy the immunology-disease specialist for up to $9.5 billion. Sanofi will pay $129 a share in cash at closing and a contingent value right that will entitle Blueprint Medicines shareholders to receive up to $6 a share subject to certain development and regulatory milestones.
Boeing - Boeing shares were up 2% to $211.47 after BofA Securities raised its rating on Boeing to Buy from Holdand boosted the stock’s price target to $260 from $185. The new target price is the highest on Wall Street, according to FactSet. Boeing planes, a key American export, have become a tool in trade negotiations.
DraftKings, Flutter Entertainment - DraftKings fell 6% and Flutter Entertainment declined 2.7%. The Illinois state legislature over the weekend passed a tax on sports wagers that could cost sportsbook operators tens of millions of dollars a year.
First Solar - First Solar was among the biggest decliners in the S&P 500, with shares dropping 5.3%. The stock has struggled in 2025 as the Trump administration has weakened support for renewable energy projects.
The Trump administration wants countries to provide their best offer on trade negotiations by Wednesday as officials seek to accelerate talks with multiple partners ahead of a self-imposed deadline in just five weeks, according to a draft letter to negotiating partners seen by Reuters.
The draft, from the office of the United States Trade Representative, provides a window into how President Donald Trump plans to bring to a close unwieldy negotiations with dozens of countries that kicked off on April 9 when he paused his "Liberation Day" tariffs for 90 days until July 8 after stock, bond and currency markets revolted over the sweeping nature of the levies.
The document suggests an urgency within the administration to complete deals against its own tight deadline. While officials such as White House economic adviser Kevin Hassett have repeatedly promised that several agreements were nearing completion, so far only one agreement has been reached with a major U.S. trading partner: Britain. Even that limited pact was more akin to a framework for ongoing talks than a final deal.
US President Donald Trump and Chinese President Xi Jinping are likely to speak this week, the White House said, as the world’s two largest economies remain locked in trade turmoil.
“I can confirm that the two leaders will likely talk this week,” White House Press Secretary Karoline Leavitt told reporters on Monday. She did not provide a date for what she said was a “potential” call nor guarantee one would occur.
Washington and Beijing have traded accusations that each has violated the terms of last month’s broad agreement that saw both sides reduce tariffs from astronomical highs. The barbs have threatened to undo the fragile truce, which would provoke fresh worries for global markets.
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