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US STOCKS UNDER PRESSURE, THOUGH STEEL STOCKS SHOW STRENGTH

Wall Street's main indexes are lower early on Monday after President Donald Trump revealed plans to double tariffs on imported steel and aluminum, fueling more uncertainty around U.S. trade policies.

Trump said late on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25% starting Wednesday, just hours after he accused China of violating an agreement.

A majority of S&P 500 .SPX sectors are declining with consumer discretionary .SPLRCD, off more than 1%, taking the biggest hit.

Energy .SPNY, up around 0.5%, is the leading gainer. Crude futures CLc1 are jumping after producer group OPEC+ kept output increases in July at the same level as the previous two months.

Of note, materials .SPLRCM are edging green, though steel stocks are strong. The VanEck steel ETF SLX.P is higher by around 3%. Gold stocks .HUI are surging more than 6%.

Meanwhile, RBC head of U.S. equity strategy research, Lori Calvasina, has revised her YE 2025 S&P 500 price target up from 5,550 to 5,730, an increase of 3.2%.

"Our new price target reflects our belief that the stock market is on a slightly better path than the one it was on in early April, when we cut our target for the second time this year, but not back to where it was in January or mid March," writes Calvasina in a note.

Here is a snapshot of where markets stood around 10:15 a.m ET:

(Terence Gabriel)

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