All three major US stock indexes were up in late-morning trading on Monday as investors shrugged off trade tensions and tariff concerns.

President Donald Trump said Sunday he will announce new 25% tariffs on all steel and aluminum imports into the US on Monday, according to media reports. Shares of American steel and aluminum companies responded positively to the news, with Cleveland-Cliffs (CLF), Nucor (NUE), Century Aluminum (CENX) and Steel Dynamics (STLD) up 13.9%, 5.8%, 10%, 5.2%, respectively, around midday. Separately, US Steel (X) investor Ancora Holdings urged US Steel to end its merger agreement with Nippon Steel and collect the $565 million breakup fee. US Steel shares were up 4.2%.

McDonald's (MCD) reported Q4 non-GAAP earnings Monday of $2.83 per diluted share, down from $2.95 a year earlier and below the consensus estimate of analysts surveyed by FactSet calling for $2.85. Q4 revenue was $6.39 billion, down from $6.41 billion in the year-ago period and below the FactSet consensus estimate of $6.45 billion. Comparable sales on a global basis rose by 0.4%, down from the year-ago period's 3.4% but above the FactSet estimate calling for a decline of 1.1%. McDonald's shares were up 4.2%.

Toronto-Dominion Bank (TD) said Monday it plans to sell its entire equity stake in Charles Schwab (SCHW) using a registered offering and share repurchase by Charles Schwab. TD Bank said it owns 184.7 million shares of Schwab common stock, or a 10.1% economic ownership. Charles Schwab has agreed to buy back $1.5 billion of its shares from TD Bank on the condition that the offering is completed, TD Bank said. Shares of TD Bank were up 2.7%, while those of Charles Schwab were down 3.1%.

Playa Hotels & Resorts (PLYA) said Monday it agreed to be acquired by Hyatt Hotels (H) for $13.50 per share in cash. The sale price represents a 40% premium to Playa's stock price, the company said. Playa shares were up 1.9%, while those of Hyatt were down 0.7%.

Microsoft-backed (MSFT) OpenAI plans to finalize the design for its first in-house chip in the coming months, Reuters reported Monday, citing sources familiar with the matter. OpenAI then plans to send the chip design to Taiwan Semiconductor Manufacturing (TSM) for fabrication, the sources told Reuters. The company is on track to hit its goal of mass producing the chips in 2026, according to the report. Microsoft shares were up 1.1%, while those of Taiwan Semiconductor Manufacturing were up 0.3%.

Elliott Investment Management has amassed a stake in BP (BP), according to media reports, which cited sources familiar with the matter. The activist investor is urging BP to consider carrying out transformative measures to enhance shareholder value, Bloomberg reported. Shares of BP were up 7%.

Price: 306.48, Change: +12.18, Percent Change: +4.14