12:26 PM EST, 02/10/2025 (MT Newswires) -- US equity indexes rose ahead of President Donald Trump's punitive trade tariff announcements and as quarterly earnings come in strong.

The Nasdaq Composite added 1% to 19,720.6, with the S&P 500 up 0.5% to 6,054.9 and the Dow Jones Industrial Average 0.1% higher at 44,349.8 after midday Monday. Energy and technology led gainers, while financials were among the trio of decliners intraday.

President Donald Trump reportedly said late Sunday that he plans to impose 25% tariffs on "any steel coming into the United States," adding that aluminum will also be subject to new duties. Trump also confirmed plans to unveil reciprocal tariffs by mid-week on countries levying duties on products imported from the US. Cleveland-Cliffs (CLF) soared 14%, while Alcoa (AA) and US Steel (X) traded at least 3% higher intraday.

In anticipation of upcoming tariffs, gold futures traded 1.6% higher at $2,933.91 after making a new record high of about 2,937.70 earlier in the session.

Through Friday's close, about 62% of S&P 500 had reported Q4, with earnings up about 20% year-over-year, versus the FactSet consensus as of Dec. 31 for an 11% increase, a D. A. Davidson note said late Friday. There was a "broadening out" of performance, with six sectors reporting growth above quarter-end expectations. In the week previous to last, financials and communications led the outperformers.

In company news Monday, Rockwell Automation's ( ROK ) fiscal Q1 adjusted earnings fell less than forecast, helping push its shares more than 11% higher intraday, the top performer on the S&P 500.

West Texas Intermediate crude oil futures jumped 2.1% to $72.50 a barrel.