Major stock market indexes including the Nasdaq started the week on a positive note as President Donald Trump signaled plans for new tariffs on steel and aluminum imports. This follows last week’s tariff announcements which caused some uncertainty in global markets.

While the potential impact of these tariffs on the global economy remains uncertain investors are also watching the upcoming inflation report which is expected to provide more clarity on how the Trump administration intends to manage the broader economic landscape.

On Monday afternoon the tech focused Nasdaq saw a notable gain of 1.1%, while the Dow Jones Industrial Average and S&P 500 also experienced gains of 0.2% and 0.6% respectively.

Investors will also turn their attention to key corporate earnings reports this week including those from Coca Cola Super Micro Computer Robinhood and Coinbase among others.

Steel and Aluminum Stocks Surge

In light of Trump’s announcement which includes a proposed 25% tariff on all steel and aluminum imports stocks of companies in the steel and aluminum sectors experienced significant increases on Monday. Companies like Cleveland Cliffs U.S. Steel and Nucor saw their shares rise. In the commodities market HRC Steel Futures Continuous Contract gained 6%.

McDonald’s Faces Earnings Hit from E. Coli Outbreak

McDonald’s reported a disappointing fourth-quarter performance falling short of Wall Street’s expectations. The fast food chain cited the lingering impact of an E. coli outbreak that occurred in October which caused a sharp drop in customer traffic. As a result, the company saw a decrease in same-store sales. Despite this McDonald’s shares rose 4% on Monday afternoon.

GameStop Stock Surges Amid Bitcoin Speculation

GameStop shares jumped by more than 8% on Monday fueled by speculation that the company may be exploring an investment in Bitcoin. The excitement followed a post by GameStop’s CEO Ryan Cohen who shared a photo on social media featuring him with Michael Saylor the co founder of Strategy and a prominent Bitcoin investor. The image sparked rumors that GameStop might be looking into opportunities related to the cryptocurrency. On Monday GameStop’s stock traded at $26 per share.