04:56 PM EDT, 07/14/2025 (MT Newswires) -- US equities moved higher Monday, lifting the Nasdaq Composite to a new all-time high as traders appeared unfazed by renewed global trade tensions ahead of corporate earnings due later in the week.

The Nasdaq rose 0.3% at 20,640.3, a new closing high, while the Dow Jones Industrial Average advanced 0.2% to 44,459.7. The S&P 500 was up 0.1% at 6,268.6, near its record-high close on Thursday. Most sectors gained, led by communication services, while energy saw the steepest decline.

President Donald Trump said Monday the US will impose "very severe tariffs" on Russia in the absence of a deal in 50 days, The Wall Street Journal reported. The tariffs would be "at about 100%," he reportedly said.

In social media posts Saturday, Trump revealed plans to impose 30% tariffs on the European Union and Mexico, effective Aug. 1.

European Commission President Ursula von der Leyen said Sunday that the EU will delay its plan to hit the US with duties on 21 billion euros ($24.50 billion) of its annual exports to the bloc until "early August," hoping to reach a deal with the Trump administration, the Financial Times reported. The tariffs were originally due to come into effect Tuesday.

"Traders are staying complacent in the face of the new US import tariffs; they may reason that (Trump) doesn't want to preside over another market crash," Macquarie said in a Monday client note. "But there's also the more ominous possibility that Trump has 'moved on' from using tariffs to extract concessions, and is now using tariffs to boost tariff revenues. If that's the case, (Aug. 1) may see a flood of new higher tariffs, as well as retaliation."

US Treasury yields were mixed, with the 10-year rate increasing 2.1 basis points to 4.43%, while the two-year rate was steady at 3.91%.

Banking giants JPMorgan Chase ( JPM ) , Wells Fargo ( WFC ) , Bank of America ( BAC ) , Morgan Stanley ( MS ) , Goldman Sachs ( GS ) and Citigroup ( C ) are scheduled to report their latest quarterly financial results later this week. Major companies such as Netflix ( NFLX ) , Johnson & Johnson ( JNJ ) , Abbott Laboratories ( ABT ) , PepsiCo ( PEP ) and American Express ( AXP ) also report this week.

"Second-quarter earnings season kicks off this week with the S&P 500 Index likely showing modest growth," Chris Haverland, global equity strategist at Wells Fargo ( WFC ), said in a note. "Unlike the first quarter, second-quarter earnings should reflect the impact of tariffs as they were implemented as they have accumulated since February."

Official US consumer inflation data for June are due Tuesday, with the producer prices report for last month scheduled for Wednesday. The consumer price index is expected to have increased 0.3% sequentially and 2.6% annually in June, according to a Bloomberg-compiled consensus.

West Texas Intermediate crude oil was down 2.2% at $66.97 a barrel in Monday's late-afternoon trade.

In company news, Autodesk ( ADSK ) is no longer pursuing an acquisition of PTC (PTC), Bloomberg News reported Monday, citing unnamed sources. Autodesk ( ADSK ) shares were up 5.1%, the second-biggest gainer on the S&P 500, while PTC fell 1.3%.

Veritex ( VBTX ) shares surged nearly 20% after Huntington Bancshares ( HBAN ) agreed to acquire the Dallas-based midsized community bank in an all-stock deal worth $1.9 billion. Huntington fell 1.8%.

Becton Dickinson ( BDX ) agreed to combine its biosciences and diagnostic solutions business with analytical laboratory instrument manufacturing company Waters (WAT) in a deal worth about $17.5 billion. Waters shares slumped nearly 14%, the worst performer on the S&P 500, while Becton gained 0.6%.

Gold was down 0.3% at $3,354.2 per troy ounce, while silver lost 1.2% to $38.49 per ounce.