01:28 PM EST, 02/10/2025 (MT Newswires) -- US equity indexes rose ahead of the Trump administration's punitive trade tariff announcements as most quarterly earnings handily beat analyst estimates.

The Nasdaq Composite added 1.2% to 19,747.5, with the S&P 500 up 0.7% to 6,067.6 and the Dow Jones Industrial Average 0.3% higher at 44,455.9 after midday Monday. Energy and technology led gainers, while the financial services sector was 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 18%, while Alcoa (AA) added 3% and US Steel (X) traded at least 4% higher intraday.

"Meaningful additional tariffs on China are in the offing, but tariffs on other countries are more likely to be negotiating tools," Morgan Stanley said in a research note Monday. "Permanent tariffs on China will ramp to 60% by the beginning of 2026," and interest-rate cuts that the Federal Reserve "puts off this year will likely come back late next year."

In anticipation of upcoming tariffs and their impact on global trade, inflation, and monetary policy, gold futures traded 1.4% higher at $2,928.72 after making a new record high of about 2,938.10 earlier in the session. The dollar appreciated 0.3% against the Japanese yen to 151.81.

US Treasury yields traded mixed intraday, with the 10-year steady at around 4.49% and the two-year down 1.7 basis points to 4.26%.

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 services led the outperformed.

"In our takes on the US earnings season last week, we noted earnings growth for the S&P 500 tracking the strongest in 3 years and, excluding energy, notably higher," Deutsche Bank's Chief Global Strategist Binky Chadha said in a note Monday.

In earnings news, Rockwell Automation's ( ROK ) fiscal Q1 adjusted earnings beat forecast, helping push its shares more than 13% higher intraday, among the top performers on the S&P 500.

Quarterly earnings due this week include Coca-Cola (KO), Cisco Systems ( CSCO ) , CME Group ( CME ) , Applied Sciences (AMAT), and Palo Alto Networks ( PANW ) .

Incyte ( INCY ) reported Q4 non-GAAP earnings that missed the market's expectations. Its shares dropped 6.5% intraday, the worst performer on the S&P 500.

ON Semiconductor (ON) shares slumped about 7% intraday, the worst performer on the Nasdaq, after the company reported a year-over-year decline in Q4 non-GAAP earnings and revenue.

West Texas Intermediate crude oil futures jumped 1.9% to $72.33 a barrel.