On Monday, stock prices edged higher, with significant gains from key technology companies as the week kicked off, overshadowing the recent tariff threats issued by U.S. President Donald Trump.

The Dow Jones Industrial Average increased by 167.01 points, or 0.38%, fueled by a notable 4.8% surge in McDonald’s. The 30-stock index finished at 44,470.41. Meanwhile, the S&P 500 recorded an increase of 0.67%, closing at 6,066.44, and the Nasdaq Composite rose by 0.98% to reach 19,714.27.

The market is currently on edge due to concerns surrounding inflation and the possible repercussions of Trump’s tariff strategies on the U.S. economy.

On Sunday, Trump announced plans to unveil a general 25% tariff on all steel and aluminum imports. While he did not clarify the timing of this implementation, he indicated that retaliatory tariffs would be enforced against countries imposing taxes on U.S. products, following previously announced tariffs on China.

In reaction to Trump’s announcement, steel and aluminum stocks surged. Shares of U.S. Steel and Nucor rose by 4.8% and 5.6%, respectively, while Cleveland-Cliffs saw a remarkable uptick of nearly 18%, and Alcoa finished 2.2% higher.

Technology stocks also experienced gains as investor sentiment improved following a recent downturn linked to anxiety over the emergence of the Chinese AI startup DeepSeek. Notably, Nvidia gained 2.9%, with Broadcom and Micron increasing by 4.5% and 3.9% accordingly. Major tech players such as Alphabet, Amazon, and Microsoft also saw stock increases.

JPMorgan’s head of cross-asset strategy, Fabio Bassi, noted, “Despite the volatility surrounding DeepSeek and tariff concerns, we maintain an optimistic outlook on risk assets, particularly in the U.S. We anticipate ongoing fluctuations driven by tariff announcements and potential legislative developments in April, but we continue to set a year-end target of 6,500 for the S&P 500.”

The looming tariff threats occur just ahead of a busy week for economic indicators. The January Consumer Price Index report will be released on Wednesday at 8:30 a.m. ET, followed by initial weekly jobless claims and the Producer Price Index on Thursday. Additionally, Federal Reserve Chair Jerome Powell is scheduled to address Congress on Tuesday morning.

Correction: An earlier report misidentified the timing of Powell’s speaking engagement.