A White House official said the tariffs would match the higher duties charged by other countries and could be imposed within weeks as Trump’s trade and economic team studies bilateral tariff and trade relationships.

Stocks also gained after data showed US producer prices increased in January, while key elements in the core Personal Consumption Expenditures (PCE) index, a measure closely tracked by the US Federal Reserve, were benign or lower.

Components, including physician’s office and hospital prices, were either broadly unchanged or rose modestly. Healthcare, with a nearly 20% weighting in the core PCE, declined 0.06%.

Yields on the 10-year US Treasury bond moved sharply lower following the report, suggesting investors were growing more confident about inflation cooling.

Gains in Tesla, Nvidia and Apple lifted the S&P 500.

“Equity investors are taking cues from the bond market,” said Jack Ablin, chief investment officer at Cresset Capital. “Investors were also preparing for kind of an alarmingly high inflation number, based on tariffs.”

According to preliminary data, the S&P 500 gained 63.11 points, or 1.04%, to end at 6,115.08 points, while the Nasdaq Composite gained 295.69 points, or 1.50%, to 19,945.64. The Dow Jones Industrial Average rose 342.93 points, or 0.77%, to 44,714.84.

Interest rate futures suggest traders expect a single 25-basis-point rate cut from the central bank by the end of 2025, according to the CME’s FedWatch Tool.

The number of Americans filing new applications for unemployment benefits decreased last week, another report showed.

Chevron shares rose after the oil heavyweight said it will lay off up to 20% of its global workforce by the end of 2026.

Trade Desk slumped after the ad tech firm forecast first-quarter revenue below analysts’ estimates.

MGM Resorts International jumped after the casino operator beat fourth-quarter profit and revenue estimates.