02:18 PM EDT, 03/24/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets tracked tariff updates and a survey that showed a surprise acceleration in private-sector output growth.

The Nasdaq Composite was up 2% at 18,130.7 after midday Monday, while the S&P 500 rose 1.5% to 5,754.4. The Dow Jones Industrial Average advanced 1.2% to 42,471.9. All sectors were in the green, led by a 3.4% jump in consumer discretionary.

Tesla (TSLA) shares jumped 10%, the top gainer on the S&P 500, while Nvidia ( NVDA ) led the Dow with a 3.5% increase. Amazon.com ( AMZN ) was the second-best performer on the Dow, up 3%. Other mega-cap tech stocks Microsoft ( MSFT ) , Apple ( AAPL ) , Alphabet (GOOG, GOOGL), and Meta Platforms ( META ) were also higher intraday.

The Trump administration is expected to exclude a set of sector-specific tariffs while applying reciprocal tariffs April 2, media outlets reported over the weekend.

The White House will announce tariffs on automobiles "very shortly" and on pharmaceuticals "at some point in the not too distant future," Bloomberg News reported Monday, citing President Donald Trump. In a social media post Monday, Trump said the US will impose 25% tariffs on countries that purchase oil and/or gas from Venezuela, effective April 2.

US Treasury yields were higher intraday, with the 10-year rate gaining 7.5 basis points to 4.33% and the two-year rate rising 7.8 basis points to 4.03%.

In economic news, US private-sector output growth unexpectedly accelerated in March, while the year-ahead outlook deteriorated amid tariff concerns, according to S&P Global's ( SPGI ) flash purchasing managers' index.

"A welcome upturn in service sector activity in March has helped propel stronger economic growth at the end of the first quarter," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "A key concern over tariffs is the impact on inflation, with the March survey indicating a further sharp rise in costs as suppliers pass tariff-related price hikes on to US companies."

West Texas Intermediate crude oil was up 0.9% at $68.88 a barrel intraday.

"Oil prices inched up as investors weighed the impact of fresh US sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets," D.A. Davidson said in a note.

In company news, Boeing's ( BA ) first-half aircraft deliveries are expected to benefit from higher inventory levels, while management's recent positive comments around free cash flow prompted RBC Capital Markets to raise its FCF estimates for the plane maker. Boeing ( BA ) shares were up 2.4%, among the top gainers on the Dow.

James Hardie Industries ( JHX ) agreed to acquire outdoor home products firm Azek ( AZEK ) in a cash and stock deal worth about $8.75 billion, including debt, as it looks to offer more exterior building options to homeowners and contractors.

James Hardie's US-listed shares tumbled nearly 19%, while Azek ( AZEK ) jumped 15%.

Gold was down 0.3% at $3,013.40 per troy ounce, while silver lost 0.1% to $33.46 per ounce.