02:10 PM EDT, 06/02/2025 (MT Newswires) -- US benchmark equity indexes were mixed intraday amid a report that President Donald Trump is expected to speak with his Chinese counterpart, Xi Jinping, this week amid growing trade tensions between the global economic heavyweights.

The Dow Jones Industrial Average was down 0.4% at 42,117.5 after midday Monday, while the Nasdaq Composite rose 0.4% to 19,184.6. The S&P 500 was little changed at 5,913.2. Among sectors, industrials saw the biggest drop, while energy paced the gainers.

Trump and Jinping could speak one-on-one "very soon," though probably not Monday, CNBC reported, citing a senior White House official.

China's Ministry of Commerce said Monday the US violated a preliminary trade deal reached between the two countries in Switzerland. On Friday, Trump accused China of breaching the pact.

Last month, the US and China agreed to suspend most tariffs on each other's imports for 90 days.

Late last week, Trump said he planned to boost tariffs on steel and aluminum imports to 50% from 25%, effective Wednesday.

The European Commission on Saturday said Trump's plan to increase steel tariffs "undermines ongoing efforts to reach a negotiated solution," Reuters reported. A European Commission spokesperson reportedly said that the European Union is ready to impose "countermeasures."

Steel Dynamics ( STLD ) shares were up 9.5% intraday Monday, the top S&P 500 gainer, followed by Nucor's ( NUE ) 8.6% jump. Steel manufacturer Cleveland-Cliffs' ( CLF ) shares soared 21%.

US Treasury yields were higher intraday, with the 10-year rate increasing 4.6 basis points to 4.46% and the two-year rate rising 2.7 basis points to 3.94%.

In economic news, two surveys painted a mixed picture of the US manufacturing sector for May, with Institute for Supply Management data showing a third straight monthly contraction and S&P Global ( SPGI ) indicating faster expansion sequentially.

"The outlook for the manufacturing sector looks downbeat, particularly with the initial surge in demand from front-loading now behind us," Oxford Economics said. "The still-elevated prices index indicates inflationary pressures are set to rise in the months ahead."

Separately, S&P Global Market Intelligence Chief Business Economist Chris Williamson said that while manufacturers' overall sentiment improved last month partly due to the suspension of tariffs, "uncertainty clearly remains elevated amid the fluid tariff environment."

West Texas Intermediate crude oil was up 3.7% at $63.02 a barrel intraday.

Over the weekend, eight members of the Organization of the Petroleum Exporting Countries and its allies agreed to raise output by 411,000 barrels a day from next month, the same increase level as the previous two months.

In company news, Science Applications International's ( SAIC ) fiscal first-quarter earnings trailed analysts' estimates, while the US government services contractor expects business volatility to continue in the near term amid the Trump administration's focus on gaining efficiency. Science Applications ( SAIC ) shares were down nearly 14%.

Sanofi ( SNY ) agreed to acquire biopharmaceutical company Blueprint Medicines ( BPMC ) in a deal worth up to $9.5 billion, as the French drugmaker seeks to expand its immunology portfolio. Sanofi's ( SNY ) US-listed shares were down 0.8%, while Blueprint Medicines ( BPMC ) jumped 26%.

Gold was up 2.5% at $3,369.9 per troy ounce, while silver jumped 5% to $32.69 per ounce.