Stocks closed slightly higher on Monday, shrugging off President Donald Trump's announced tariffs over the weekend targeting the European Union and Mexico. Those new levies rekindled tensions with two of the largest U.S. trade partners and threatened to raise consumer prices.

Analysts said the muted market response was because many investors expected the levies to settle at lower levels after negotiations.

Guggenheim analyst Ronald Jewsikow cut his Rivian rating to Hold from Buy. He also dropped his price target of $16.