U.S. stock indexes drifted closer to their records on Monday, coming off their stellar May, which was Wall Street’s best month since 2023.

The S&P 500 rose 0.4% after erasing an early loss from the morning. The Dow Jones industrial average added 35 points, or 0.1%, and the Nasdaq composite climbed 0.7%.

Indexes had been down close to 1% in the morning following some discouraging updates on U.S. manufacturing.

But stocks rallied back as the day progressed, and gains for a few influential stocks helped lift the S&P 500 even though more stocks within it fell than rose. Nvidia climbed 1.7%, and Meta Platforms rose 3.6%, for example.

Some of Monday’s strongest action was in the oil market, where the price of crude spurted more than 3%.

President DonaldTrump on Friday told Pennsylvania steelworkers he’s doubling the tariff on steel imports to 50% to protect their industry. That helped stocks of U.S. steelmakers climb. Nucor jumped 10.1%, and Steel Dynamics rallied 10.3%.

On the losing side of Wall Street were automakers and other heavy users of steel and aluminum. Ford fell 3.9%, and General Motors reversed by 3.9%.

All told, the S&P rose 24.25 points to 5,935.94. The Dow added 35.41 to 42,305.48, and the Nasdaq climbed 128.85 to 19,242.61.

Lyra Therapeutics soared nearly 311% for one of the market’s biggest gains after reporting positive late-stage trial results of an implant to treat chronic sinus inflammation in some patients.

In the bond market, Treasury yields rose as worries continue about how much debt the U.S. government will pile on due to plans to cut taxes and increase the deficit.

The yield on the 10-year Treasury climbed to 4.44% from 4.41% late Friday and from just 4.01% roughly two months ago. That’s a notable move for the bond market.

— Associated Press