U.S. stocks started the week higher, embracing President Donald Trump's new tariff threats.

Trump said over the weekend he plans to impose a 25% tariff on all steel and aluminum but didn't say when. Nevertheless, shares of Cleveland-Cliffs, Nucor, Steel Dynamics, U.S. Steel and Alcoa all rallied. Cleveland-Cliffs soared 15%, Nucor jumped 7%, Steel Dynamics gained 5%, U.S. Steel rose 4.5% and Alcoa added 3.5% just after the opening bell.

Trump also said he would announce reciprocal tariffs on all countries on Tuesday or Wednesday, effective almost immediately, matching the tariffs levied by each country.

Around 10:05 AM ET, the broad S&P 500 index was up 0.57%, or 34.22 points, to 6,060.21; the blue-chip Dow rose 0.4%, or 176.86 points, to 44,480.26; and the tech-heavy Nasdaq added 1.08%, or 210.10 points, to 19,733.51. The 10-year Treasury yield slipped to 4.469%.

Economic watchlist

Key economic events to watch this week include:

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• January's consumer price index is due Wednesday. Economists, on average, expect overall inflation to be up 2.8% from a year earlier, slightly lower than December's 2.9%.
• The Federal Reserve Chairman testifies to Congress on Tuesday and Wednesday. Investors will be looking for clues on how he sees the economy, the effects of tariffs and taxes on inflation, the labor market and whether there might be more interest rate cuts in the pipeline.
• Retail sales and production data are due on Friday. Retail sales can give economists a window into consumer spending, which makes up about two-thirds of economic growth. Production measures the activity of different sectors like manufacturing, mining, and utilities which influences employment and economic growth.

Corporate news

Corporate news, including earnings reports, continue to roll in. So far, key movers include:

• McDonald's same-store sales declined 1.4% during the last three months of the year for the largest decline in nearly five years. Global sales edged up 0.4%, surprising analysts who were generally expecting a decline. Earnings per share matched forecasts but overall sales disappointed. Shares of the fast-food giant rose 4.77%.
• BP stock jumped almost 7% on reports that activist investor Elliott Management took a stake in the oil giant and will push for transformational changes to improve the company’s performance.
• T-Mobile shares added 2.23% after the wireless carrier said it will launch its satellite-to-cell service, powered by SpaceX's Starlink, in July for $15 a month.
• Coca-Cola, DoorDash, health insurer CVS Health and computer-networking equipment maker Cisco are some of the other prominent companies expected to report results later this week.

Bitcoin

Bitcoin kicked off the week higher but still stuck below the key psychological milestone of $100,000. Bitcoin was last up 1.1% at $97,430.45.

The cryptocurrency continues to swing with stocks. Some support is also coming from an Securities and Exchange filing showing Strategy, formerly MicroStrategy, bought 7,633 bitcoin between Feb. 3 and Feb. 9, spending $742.4 million at an average price of $97,255 per bitcoin.

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.