Stock market today: Wall Street looks to extend Friday’s rally amid anxiety over

After being delayed for about a month, Trump’s tariffs on Canada and Mexico start Tuesday, in addition to the doubling of the 10% universal tariff charged on imports from China.

The prospect of escalating tariffs has already thrown the global economy into turmoil, with consumers increasingly anxious about inflation worsening. The threat of tariffs has spooked investors as well, knocking the S&P 500 index off its all-time high, though it did rally Friday afternoon.

Chinese manufacturers reported an uptick in orders in February as importers rushed to beat higher U.S. tariffs and a Chinese state media report said that Beijing was considering ways to retaliate.

Trump had imposed a tariff of 10% on imports from China and that will rise to 20% beginning Tuesday. He also ended the “de minimis” loophole that exempted imports worth less than $800 from tariffs.

In equities trading early Monday, Intel jumped 5%, presumably on media reports that competitors Nvidia and Broadcom are pleased with recent manufacturing testing in conjunction with Intel. Broadcom and Intel are reportedly trying to decide whether to commit to manufacturing contracts with Intel that could generate a huge influx of revenue for the struggling company.

Intel, once a dominant force in the semiconductor industry, announced on Friday that it was pushing back the expected opening for its semiconductor project in central Ohio.

Fashion brand owner Capri Holdings rose 7.4% in premarket trading on reports that it was getting closer to a deal to sell its Versace business to Prada for $1.6 billion.

Shares of Kroger dipped 1.3% on news that the grocery chain’s Chairman and CEO Rodney McMullen resigned after an internal investigation into his personal conduct.

In Asian trading, Chinese bubble tea chain Mixue Bingcheng’s shares soared 43% in Hong Kong after its $444 million IPO. Local reports said it set a local record for subscriptions, which exceeded 1 trillion Hong Kong dollars ($128 billion). The company claims to be the world’s largest food retail chain, with more than 45,000 outlets.

Hong Kong’s Hang Seng rose 0.3% to 23,006.27.

The Shanghai Composite index slipped 0.1% to 3,316.93 despite upbeat Chinese factory data, as sharply higher tariffs on U.S. imports of Chinese goods looked set to take effect on Tuesday.

In Tokyo, the Nikkei 225 advanced 1.7% to 37,785.47.

South Korean markets were closed for a holiday, while the S&P/ASX 200 in Australia gained 0.9% to 8,245.70.

Taiwan’s Taiex sank 1.3%, while in Bangkok, the SET fell 1.3%.

Markets in Europe leaped after a report showed that inflation there eased to an annual 2.4% in February, supporting the case for another interest rate cut from the European Central Bank.

At midday, Germany’s DAX added 2.4%, the CAC 40 in Paris climbed 1.4% and Britain’s FTSE 100 gained 0.9%.

Bitcoin prices rose over after Trump posted on Truth Social that his administration was moving forward with a cryptocurrency strategic reserve. The original cryptocurrency was trading at close to $93,000 early Monday after trading around $84,000 on Friday.