The Standard & Poor’s 500 climbed 0.7%, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy. The Dow Jones industrial average added 167 points, or 0.4%, and the Nasdaq composite rallied 1% as Nvidia and other Big Tech stocks led the way.

"If it escalates into bilateral tariffs, we estimate an 8% hit to EPS assuming unitary elasticity," Bank of America analysts said.

Trump said over the weekend he would announce 25 percent tariffs on all steel and aluminum imports, with more import duties to come later in the week. Fear around tariffs has been at the center of Wall Street’s moves recently, and experts say the market ...