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U.S. equities advanced at midday as tech companies and steel and aluminum manufacturers drove the market higher.
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President Donald Trump said he would impose 25% tariffs on steel and aluminum imports.
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ON Semiconductor said it continues to face difficult market conditions.
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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