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Indexes: Dow down 0.1%, S&P 500 up 0.24%, Nasdaq up 0.56%

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Tesla falls after reporting lower May sales for some EU

nations

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U.S. ISM manufacturing PMI for May at 48.5 vs 49.3

forecast

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

By Saeed Azhar, Kanchana Chakravarty and Sukriti Gupta

NEW YORK, June 2 (Reuters) - Wall Street's main indexes

were mixed on Monday after President Donald Trump said he plans

to double tariffs on imported steel and aluminum, but the

tech-heavy Nasdaq was lifted by gains in Nvidia ( NVDA ) and Meta

Platforms ( META ).

Trump said late on Friday he planned to increase

tariffs on imported steel and aluminum to 50% from 25% starting

Wednesday, just hours after he accused China of violating an

agreement.

China said on Monday that U.S. President Donald Trump's

accusations that Beijing had violated the consensus reached in

Geneva trade talks were "groundless" and promised to take

forceful measures to safeguard its interests.

The Trump administration wants countries to provide their

best offer on trade negotiations by Wednesday as officials seek

to accelerate talks with multiple partners ahead of a

U.S.-imposed deadline in just five weeks, according to a draft

letter to negotiating partners viewed by Reuters.

Shares of U.S. steel companies rose, with Cleveland-Cliffs ( CLF )

jumping almost 20%, Nucor ( NUE ) up 8% and Steel

Dynamics ( STLD ) was 9% higher.

However, shares of automakers fell. Ford was down 4.5%

and General Motors ( GM ) was 4.7% lower.

"It's the continued uncertainty, not knowing whether the

trade war is on or it's off," said Sam Stovall, chief investment

strategist at CFRA Research.

"Something new gets added, something gets postponed, so

essentially it is that uncertainty reigns."

The increased levies risk deepening Trump's global trade

war, and dousing enthusiasm in markets stemming from the U.S.

president's softer trade stance that drove a recovery in risky

assets last month.

A temporary relief on some levies on China and a rollback of

steep tariff threats on the European Union, along with strong

earnings and an improving economic picture helped the benchmark

S&P 500 log its best monthly performance in 18 months in May.

At 2:22 p.m. the Dow Jones Industrial Average fell

40.57 points, or 0.10%, to 42,229.50, the S&P 500 gained

14.43 points, or 0.24%, to 5,926.12 and the Nasdaq Composite

gained 106.92 points, or 0.56%, to 19,220.68.

U.S.-listed energy stocks advanced after producer group

OPEC+ kept output increases in July at the same level as the

previous two months.

Nvidia ( NVDA ) was up 1.9% and Meta gained 3%,

lifting Nasdaq higher.

Tesla fell 1.8% after it reported lower monthly

sales for Portugal, Denmark and Sweden.

The

Institute for Supply Management's (ISM) survey showed U.S.

manufacturing contracted for a third straight month in May and

suppliers took longer to deliver inputs amid tariffs,

potentially signaling looming shortages of some goods.

Dallas Federal Reserve Bank President Lorie Logan said that

with the labor market stable, inflation running somewhat above

target and the outlook uncertain, the central bank is keeping a

watchful eye on a broad range of data to judge what response

might be needed, and when.

Traders currently see at least two 25-basis-points cuts by

the end of the year, according to data compiled by LSEG.

Investors are also looking ahead to a crucial

nonfarm-payrolls report on Friday to gauge the U.S. labor

market's strength amid tariff volatility.

Declining issues outnumbered advancers by a 1.54-to-1 ratio

on the NYSE. There were 178 new highs and 62 new lows on the

NYSE. On the Nasdaq, declining issues outnumbered advancers by a

1.18-to-1 ratio.

The S&P 500 posted 16 new 52-week highs and 4 new lows while

the Nasdaq Composite recorded 77 new highs and 74 new lows.