Steel Stocks Surge After US Doubles Tariffs to 50%

U.S. stocks showed mixed performance amid rising tensions in U.S.-China trade relations, with President Donald Trump accusing China of violating a recent trade deal and announcing plans to double steel tariffs to 50%. Steelmakers like Cleveland-Cliffs, Nucor, and Steel Dynamics saw significant stock gains following the tariff hike, while major U.S. automakers including General Motors, Ford, and Stellantis experienced declines. Moderna's shares rose after FDA approval of its new COVID-19 vaccine mNEXSPIKE for older adults and at-risk individuals, and Blueprint Medicines jumped after agreeing to a $9.5 billion acquisition by Sanofi. Technology firm Science Applications International Corp. reported earnings below expectations, resulting in a sharp decline in its stock price. Meanwhile, Tesla's shares fell due to weaker sales in China amid strong growth from domestic electric vehicle competitors. Other notable moves included BioNTech's partnership with Bristol Myers Squibb on a cancer drug and Campbell's beating earnings estimates, contributing to modest stock gains.