01:49 PM EST, 01/21/2025 (MT Newswires) -- US equity indexes rose after midday Tuesday as government bond yields traded mixed after President Donald Trump's administration appeared to adopt a measured approach to implementing his economic agenda, keeping inflation concerns at bay.

The Dow Jones Industrial Average rose 1.1% to 43,952.4, with the S&P 500 up 0.8% to 6,047.2 and the Nasdaq Composite 0.7% higher at 19,773.7. All sectors, except energy, were in the green intraday. Industrials, real estate, and utilities were among the top gainers.

President Trump stopped short of announcing fresh import taxes on his first day in office but said his administration plans to impose 25% tariffs on Mexico and Canada on Feb. 1, CNN reported, giving time for negotiations. According to a note from DeVere Group Tuesday, the US imported $475 billion worth of goods from Mexico and $418 billion from Canada last year, from cars to groceries. The US exported $354 billion of goods to Canada and $322 billion to Mexico last year.

The use of tariffs will likely be implemented more slowly than anticipated or at least more tactically to secure better trade deals, cooperation on ending illegal immigration, and deter military conflict, as opposed to implementing a "one size fits all" strategy, Stifel Chief Economist Lindsey Piegza said in a note Monday.

"With an absence of China-specific tariffs implemented, for now, and rather a focus on Canadian and Mexican tariffs, Treasury yields slid slightly as inflation concerns remain in check," Piegza said in the note.

The US Dollar index slumped 1.2% intraday, continuing to retreat from its highest reached earlier this month since October 2022. BK Asset Management's Kathy Lien told CNBC Asia Monday the dollar could weaken ahead of the Federal Reserve's rate-setting meeting on Jan. 29 as tariff concerns may be overstated.

Meanwhile, Chinese authorities appeared to be softening their stance on the fate of TikTok, possibly paving the way for Beijing-based ByteDance to begin talks with American investors, according to a Tuesday report from South China Morning Post, citing people familiar with the matter. The development comes as President Trump said he wanted US-based owners to control 50% of the app's US operations, the Wall Street Journal reported Monday. Trump signed an executive order Monday to keep TikTok operating for 75 days.

US Treasury yields traded mixed, with the benchmark 10-year rate dropping 3.7 basis points to 4.57% and the two-year rate rising 1.3 basis points to 4.29%.

In US economic news, the Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index deteriorated to minus 9.1 in January from minus 3.4 in the previous month. The index suggests further contraction in the sector, which is in line with the New York Federal Reserve's services measure released on Jan 16.

West Texas Intermediate crude oil futures dropped 2.3% to $76.06 a barrel intraday.

In company news, 3M ( MMM ) reported better-than-expected Q4 results Tuesday and forecast 2025 earnings would rise from a year ago. Shares jumped past 5% intraday, among the top performers in the S&P 500 and the Dow.

Moderna ( MRNA ) said late Friday that it has been awarded $590 million by the US Department of Health and Human Services for the development of mRNA-based influenza vaccines. Shares rose 6.7% intraday, among the top performers on the S&P 500.

Apple ( AAPL ) iPhone sales slumped more than 18% in Q4, Bloomberg reported, citing an independent research firm. Shares of the iPhone manufacturer slid 3.9% intraday, among the worst performers on the Nasdaq and the Dow.

Gold futures rose 0.4% to $2,758.90 an ounce and their silver counterpart climbed 1% to $31.47 per ounce.