Donald Trump’s threat to impose 100% secondary tariffs on Russia if a Ukraine peace deal isn't reached in 50 days sent Moscow’s stock market surging. Analysts say investors expected harsher action. As Trump signals a tougher stance,

U.S. imports from Russia during the first five months of this year totaled just $2.1 billion, but the commodities America receives include a critical fuel for nuclear reactors and a precious metal used in motor vehicle catalytic converters.

“Putin will not negotiate as a loser,” one of his longtime associates tells TIME by phone from Moscow. “He knows that winners don’t get punished, and if he wins, all of this” — the sanctions, the tariffs — “will go away.”

Central banks are expected to continue increasing gold purchases, viewing it as a viable alternative to the US dollar amid geopolitical tensions. Recent trends show a significant rise in gold prices,

Sibanye Stillwater is capitalizing on rival disruptions, cutting costs, and boosting gold profits, with strong upside. See why SBSW stock is a buy.

Dow, S&P 500, and Nasdaq futures are also rising in premarket trading on a busy day for the stock market as investors digest news on a China chips embargo, Trump tariff threats on Russia, and brace for big bank earnings and CPI inflation data.

IBD 50 name Rocket Lab RKLB soared 7.5% and reached a new high on the stock market today. Citigroup raised its target price to 50 from 33 and held its buy rating on the rocket and spacecraft stock. Rocket Lab has gained around 63% year to date and has a 99 Relative Strength Rating.