02:15 PM EDT, 04/08/2025 (MT Newswires) -- The Dow Jones Industrial Average was trading higher intraday, staging a comeback after tariff announcements had fueled market volatility in recent days and dented sentiment.

The Dow was up 0.9% at 38,290.9 after midday Tuesday, while the S&P 500 advanced 0.5% to 5,089.9. Both indexes closed lower Monday, though the declines were far less than those seen late last week.

The Nasdaq Composite rose 0.4% to 15,679.8, having closed 0.1% higher Monday. Among sectors, financials paced the gainers on Tuesday, while materials saw the steepest decline.

The Trump administration is moving forward with an additional 50% tariff on China that brings the total rate of levies on the Asian country to 104%, a White House official told CNBC. The new rate goes into effect at 12:01 am ET Wednesday.

Last week, the Trump administration announced broad-scale tariffs on US imports, including on China, which responded with its own retaliatory duties. China's commerce ministry reportedly said Tuesday that Beijing will "fight to the end" if the US imposes the additional 50% tariffs threatened by US President Donald Trump on Monday.

Trump said Tuesday he had "a great call" with the acting president of South Korea, which wants to strike a deal with the US, along with many other countries.

"China also wants to make a deal, badly, but they don't know how to get it started," Trump said in a social media post. "We are waiting for their call. It will happen!"

US Treasury yields were higher intraday, with the 10-year rate rising 9.2 basis points to 4.25% and the two-year rate adding 2.5 basis points to 3.76%.

In economic news, small business optimism in the US deteriorated more than expected in March as owners scaled back expectations on sales growth, a survey by the National Federation of Independent Business showed.

"The implementation of new policy priorities has heightened the level of uncertainty among small business owners over the past few months," said NFIB Chief Economist Bill Dunkelberg. "Small business owners have scaled back expectations on sales growth as they better understand how these rearrangements might impact them."

West Texas Intermediate crude oil was down 1.5% at $59.75 a barrel intraday.

In company news, Humana (HUM) shares were up 9.2%, the best performer on the S&P 500, followed by CVS Health ( CVS ) and UnitedHealth Group ( UNH ) at 6.5% and 6.2%, respectively. The US Centers for Medicare and Medicaid Services said late Monday it will increase payment rates for Medicare insurers next year.

Separately, CVS on Tuesday announced a new chief financial officer and said it is on track to meet or surpass its 2025 outlook.

Broadcom ( AVGO ) was among the top gainers on the S&P 500, up 5.5%. The chipmaker said Monday its board authorized a $10 billion share repurchase program.

The European Union will soon issue decisions on whether Apple ( AAPL ) and Meta Platforms ( META ) failed to comply with tech competition rules, media outlets reported Tuesday, citing antitrust chief Teresa Ribera. Apple ( AAPL ) shares were down 2.1%, the steepest decline on the Dow, while Meta rose 0.8%.

Gold was up 0.7% at $2,994.60 per troy ounce, while silver rose 0.5% to $29.75 per ounce.