Major Indices Rise Despite Tariff Concerns... Steel & AI Stocks Up [New York Stock Market Briefing]

Nucor and US Steel Rise Over 4%

Trump to Announce Reciprocal Tariff Policy on 11th-12th

Despite concerns over additional tariffs imposed by President Donald Trump, the New York stock market rose on the 10th (local time). Steel and aluminum stocks increased, and artificial intelligence (AI) related stocks supported the rise.

On this day, the Dow Jones Industrial Average closed at 44,470.41, up 167.01 points (0.38%) from the previous trading day on the New York Stock Exchange. The S&P 500 and Nasdaq indices also rose by 0.67% and 0.98%, respectively.

President Trump, speaking with reporters aboard Air Force One en route to New Orleans, announced plans to impose a 25% tariff on all steel and aluminum products imported into the United States. He also stated that the reciprocal tariff policy would be unveiled on the 11th or 12th.

In response to Trump's tariff announcement, U.S. steel and aluminum stocks surged. Nucor, US Steel, and Steel Dynamics each rose over 4%, while Cleveland-Cliffs climbed 18%, Century Aluminum 10%, and Alcoa over 2%.

AI-related stocks also rebounded from the 'DeepSeek shock.' NVIDIA, a leading AI chip stock, rose 2.9%, and other semiconductor stocks like Broadcom (4.5%) and Micron (3.9%) showed strength. The Philadelphia Semiconductor Index rose 1.46%.

Demis Hassabis, CEO of Google DeepMind, leading Google's AI development, commented in an interview ahead of the AI International Summit in Paris, France, that "there is no new scientific advancement and the DeepSeek craze is somewhat exaggerated."

U.S. Treasury yields were mixed across different maturities. At the close of the day, the 2-year Treasury yield fell by 2 basis points (1bp = 0.01% point) to 4.283%, while the 10-year yield rose by 1bp to 4.504%.

No Jung-dong, Hankyung.com reporter dong2@hankyung.com