03:49 PM EDT, 06/02/2025 (MT Newswires) -- US benchmark equity indexes are on track to close mixed on Monday amid reports that President Donald Trump and China's Xi Jinping are likely to talk on a call to address growing trade tensions this week.

The Nasdaq Composite increased 0.6% to 19,229.98, the S&P 500 rose 0.4% to 5,933.9, and the Dow Jones Industrial Average was little changed at 42,259.8, paring earlier losses. Among sectors, energy led the gainers, and industrials paced the trio of decliners.

Late last week, Trump said he planned to boost tariffs on steel and aluminum imports to 50% from 25%, effective Wednesday.

Steel Dynamics ( STLD ) shares jumped 10%, the biggest gain on the S&P, and Nucor ( NUE ) gained 9.9%, the second-largest advance on the index. Cleveland-Cliffs ( CLF ) surged 23%.

Trump said last week that Tesla (TSLA) and other automakers must manufacture parts and build vehicles in the US. General Motors ( GM ) shares slumped 4.2%, Stellantis ( STLA ) dropped 3.6%, Ford Motor ( F ) declined 3.9%, and Tesla lost 1.4%.

First Solar ( FSLR ) shares dropped 5% even as Mizuho raised its price target on the stock to $275 from $251 and maintained an outperform rating.

The 10-year US Treasury yield rose 5.7 basis points to 4.47%, while the two-year rate increased 4.3 basis points to 3.95%.

July West Texas Intermediate crude oil gained 3.4% to $62.87 a barrel.