US equity indexes were rising in a broad-based rally after midday on Tuesday as government bond yields were mixed after President Donald Trump's inauguration.

The Dow Jones Industrial Average rose 1.1% to 43,946.1, with the S&P 500 up 0.7% to 6,040.2 and the Nasdaq Composite 0.5% higher at 19,726.1. All sectors, except energy and technology, were in the green intraday. Industrials, real estate, and utilities were among the top gainers.

President Donald Trump stopped short of announcing fresh import taxes on his first day in office, belying expectations of strong legislative action straight out of the gate. Instead, he said in an Oval Office signing ceremony Monday that his administration will impose 25% tariffs on Mexico and Canada on Feb. 1, CNN reported, giving time for negotiations with the neighboring countries. According to a note from DeVere Group Tuesday, the US imported $475 billion worth of goods from Mexico and $418 billion from Canada last year, from cars to groceries. The US exported $354 billion of goods to Canada and $322 billion to Mexico last year.

BK Asset Management's Kathy Lien told CNBC Asia on Monday that the dollar may weaken before the next rate-setting meeting of the Federal Reserve on Jan. 29 as tariffs concerns may be overstated. The US dollar index slumped 1.3% to 108 intraday, continuing to retreat from its highest since October 2022 hit earlier this month.

US Treasury yields traded mixed, with the benchmark 10-year rate dropping 4.5 basis points to 4.57% and the two-year rate rising 1.1 basis points to 4.28%.

West Texas Intermediate crude oil futures dropped 1.9% to $76.38 a barrel intraday.

In company news, 3M (MMM) reported better-than-expected Q4 results Tuesday and forecast 2025 earnings would rise from a year ago. Shares jumped 5% intraday, among the top performers in the S&P 500 and the Dow.

Moderna (MRNA) said late Friday that it has been awarded $590 million by the US Department of Health and Human Services for the development of mRNA-based influenza vaccines. Shares rose 5.4% intraday, the top performer on the S&P 500.

Apple (AAPL) iPhone sales slumped more than 18% in Q4, Bloomberg reported, citing an independent research firm. Shares of the iPhone manufacturer slid 4.1% intraday, the worst performer on the Nasdaq and the Dow.