Wall Street stocks jumped on Tuesday as markets greeted early moves by US President Donald Trump that raised hopes new tariffs won't be as bad as feared.

Trump's first day back in the White House included a litany of executive actions, but while he threatened new tariffs on Mexico and Canada, the trade announcements were "more benign than expected," said a note from Goldman Sachs.

Other analysts pointed out that Trump did not announce immediate tariffs on China.

The Dow Jones Industrial Average was up 1.2 percent at 44,025.

The broad-based S&P 500 gained 0.9 percent to 6,049, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 19,756.

Tuesday's gains came as US Treasury yields edged lower, a sign investors remain less perturbed by inflation worries following last week's consumer price data.

While several large technology companies moved higher, an exception was Apple, which slumped 3.2 percent following a report of weak China sales.

Electric vehicle company Rivian Automotive fell 6.5 percent following a Trump executive order that takes aim at programs favoring EVs. EV charging companies ChargePoint Holdings and EVgo also fell.

Dow member 3M gained 4.2 percent as it reported better than expected profits. William Brown, CEO of the industrial products company, pointed to strong sales momentum, saying "we are confident in our ability to deliver our 2025 guidance." (AFP)