Key Takeaways

U.S. equities were higher at midday, lifted by tech shares and steel and aluminum producers. The Nasdaq added 1%, and the Dow Jones Industrial Average and S&P 500 were higher as well.

Shares of Nucor ( NUE ), Cleveland-Cliffs ( CLF ), and Alcoa ( AA ) were among the big winners after President Donald Trump said he would be slapping 25% tariffs on steel and aluminum imports.

Rockwell Automation ( ROK ) was the best-performing stock in the S&P 500 when the industrial automation firm beat profit estimates as orders rose.

Shares of Monday.com ( MNDY ) skyrocketed after the provider of business management solutions reported better-than-expected results and gave strong guidance on higher demand, boosted by the firm's artificial intelligence (AI) solutions.

ON Semiconductor ( ON ), also known as Onsemi, shares slumped when the manufacturer of power chips missed earnings, revenue, and guidance estimates as it continued to face difficult market conditions.

Shares of Morgan Stanley ( MS ) fell following a report that said the bank had been surpassed by JPMorgan Chase ( JPM ) and Evercore ( EVR ) in financial advisory fees.

Semtech ( SMTC ) shares plunged after the semiconductor maker warned sales of its products used in active copper cables would underperform this year.

Oil and gold futures gained. The yield on the 10-year Treasury note slipped. The U.S. dollar advanced on the euro, pound, and yen. Prices for most major cryptocurrencies were higher.

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