On Monday, the three major indices of the New York stock exchange bounced back.
The stock market had been falling as U.S. President Donald Trump reintroduced the universal tariff rhetoric over the weekend but rebounded successfully despite Trump’s announcement of the steel and aluminum tariffs.
On Sunday, Trump told reporters aboard Air Force One that he plans to impose a 25% tariff on steel, aluminum, and copper.
Among the M7 Big Tech, only Tesla struggled.
Tesla’s stock tumbled 3%, marking its fourth straight day of losses and entering a correction territory. In contrast, Meta Platforms continued its upward trajectory, notching its 16th consecutive day of gains and setting new record highs.
Nvidia shares jumped 2.9%.
Tesla was the only M7 Big Tech stock to end in the red.
Meanwhile, U.S. steel and aluminum companies saw their stocks skyrocket following Trump’s tariff announcement.
Rebound in Just One Day
The three major indices, which had fallen over the weekend due to Trump’s tariff threats, bounced back in just one day.
Investors appear unfazed by Trump’s tariff warnings.
In particular, tech stocks led the charge with substantial gains.
The tech-heavy Nasdaq surged 190.87 points (0.98%) to close at 19,714.27, while the S&P 500 climbed 40.45 points (0.67%) to finish at 6,066.44.
The Dow Jones Industrial Average, comprising 30 blue-chip stocks, rose 167.01 points (0.38%) to end at 44,470.41.
The CBOE Volatility Index (VIX), known as Wall Street’s “fear gauge,” dropped by 0.73 points (4.41%) to 15.81.
Steel and Aluminum Stocks Soar
Trump’s announcement of a 25% tariff sparked expectations of improved competitiveness for U.S. steel and aluminum companies, sending their stock prices soaring.
Cleveland-Cliffs recorded the highest gains, increasing by $1.80 (17.93%) to $11.84.
U.S. Steel, which was nearly merged with Nippon Steel but saw the deal fall through, jumped $1.77 (4.79%) to $38.70.
Nucor also significantly boosted, climbing $7.27 (5.58%) to $137.53.
Alcoa, the largest U.S. aluminum producer, closed up $0.80 (2.21%) at $36.92.
Tesla Tumbles as Meta Extends Winning Streak
Among M7 big tech stocks, only Tesla experienced a drop.
Notably, Nvidia rose for the fifth consecutive trading day. Over the past five sessions, it surged $3.73 (2.87%) to $133.57, a 14.49% increase.
However, Nvidia still needs to climb another 6.35% to fully recover its closing price of $142.22 before its recent 17% plunge, triggered by news from Chinese AI startup DeepMind.
Tesla’s price dropped by $10.89 (3.01%) to $350.73, marking its fourth straight day of losses. During this period, it has fallen 10.57%, entering correction territory.
Meta continued its record-breaking run, rising $2.88 (0.40%) to close at $717.40.
Meta has risen for 16 consecutive trading days since January 17 and hit new all-time highs for 13 straight sessions since January 23.
Oil prices climb for second straight day
Global oil prices rose for the second consecutive day following the weekend.
Supply concerns emerged after Russia’s January oil production was reported to be 8.962 million barrels per day, falling 16,000 barrels short of its OPEC+ quota.
Brent crude, the global benchmark, settled at $75.87 per barrel, up $1.21 (1.62%) from the previous session.
West Texas Intermediate (WTI), the U.S. benchmark, saw its March contract rise $1.32 (1.86%) to close at $72.32 per barrel.
