(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Indexes: Dow down 0.47%, S&P 500 down 0.16%, Nasdaq up

0.09%

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Tesla falls after reporting lower May sales for some EU

nations

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U.S. ISM manufacturing PMI for May at 48.5 vs 49.3

forecast

(Updates with afternoon trading levels)

By Kanchana Chakravarty and Sukriti Gupta

June 2 (Reuters) - Wall Street's main indexes were mixed

on Monday after President Donald Trump said he plans to double

tariffs on imported steel and aluminum, fueling more uncertainty

around U.S. trade policies.

Trump said late on Friday he planned to increase tariffs on

imported steel and aluminum to 50% from 25% starting Wednesday,

just hours after he accused China of violating an agreement.

Shares of U.S. steel companies rose, with Cleveland-Cliffs ( CLF )

jumping 23.6%, Nucor ( NUE ) up 9.2% and Steel Dynamics ( STLD )

10.1% higher.

However, shares of automakers fell. Ford was down 4.3%

and General Motors ( GM ) was 4.7% lower.

"It's the continued uncertainty, not knowing whether the

trade war is on or it's off," said Sam Stovall, chief investment

strategist at CFRA Research.

"Something new gets added, something gets postponed, so

essentially it is that uncertainty reigns."

The increased levies risk deepening Trump's global trade

war, and dousing enthusiasm in markets stemming from the U.S.

president's softer trade stance that drove a recovery in risky

assets last month.

A temporary relief on some levies on China and a rollback of

steep tariff threats on the European Union, along with strong

earnings and improving economic picture helped the benchmark S&P

500 log its best monthly performance in 18 months in May.

Also fueling risk-off moves in global markets, Kyiv struck

some of Moscow's nuclear-capable bombers on Sunday, renewing

concerns around further escalation of the war.

At 11:49 a.m. ET, the Dow Jones Industrial Average

fell 196.92 points, or 0.47%, to 42,073.15, the S&P 500

lost 9.21 points, or 0.16%, to 5,902.48 and the Nasdaq Composite

gained 17.73 points, or 0.09%, to 19,131.49.

Seven of the 11 major S&P 500 sub-sectors fell, with

consumer discretionary declining the most with a

nearly 1% fall. On the flip side, energy rose over 1%

tracking a rise in oil prices.

U.S.-listed energy stocks advanced after producer group

OPEC+ kept output increases in July at the same level as the

previous two months.

Most megacap and growth stocks fell, with Tesla,

down 2.8% after it reported lower monthly sales for Portugal,

Denmark and Sweden. Google-parent Alphabet also lost

1.7%.

The

Institute for Supply Management's (ISM) survey showed U.S.

manufacturing contracted for a third straight month in May and

suppliers took longer to deliver inputs amid tariffs,

potentially signaling looming shortages of some goods.

Dallas Federal Reserve Bank President Lorie Logan said that

with the labor market stable, inflation running somewhat above

target and the outlook uncertain, the central bank is keeping a

watchful eye on a broad range of data to judge what response

might be needed, and when.

Focus will be on comments from Federal Reserve Chair Jerome

Powell later in the day as he presents opening remarks before

the Federal Reserve Board International Finance Division's 75th

anniversary conference at 1:00 p.m. ET (1700 GMT).

Traders currently see at least two 25 basis points of cuts

by the end of the year, according to data compiled by LSEG.

Investors are also looking ahead to a crucial

nonfarm-payrolls report on Friday to gauge the U.S. labor

market's strength amid tariff volatility.

Declining issues outnumbered advancers by a 1.6-to-1 ratio

on the NYSE and by a 1.09-to-1 ratio on the Nasdaq.

The S&P 500 posted 14 new 52-week highs and four new lows,

while the Nasdaq Composite recorded 69 new highs and 67 new

lows.