Get The Nukes Ready
PRESENTED BY
CLOSING BELL
Get The Nukes Ready
From tenor
The market fell Friday after an unusual end of week tweet storm from Trump, especially before a long weekend. The President said the EU is on the chopping block for 50% tariffs, and Apple will have to pay up too if it wants to make phones in India. It was not all bad news— Trump approved the U.S. Steel deal, and signed a nuclear energy order to get the ball rolling on the massive electrical needs of the AI race. Nuclear stocks blew up. 👀
Today’s issue covers Gentlemen, Start Your Reactors, Well, So Much For A Relaxing Weekend, and More. 📰
With the final numbers for indexes and the ETFs that track them, 4 of 11 sectors closed green, with utilities $XLU ( ▲ 1.2% ) leading and tech $XLK ( ▼ 1.1% ) lagging.
finviz
S&P 500 $SPY ( ▼ 0.68% ) 5,803
Nasdaq 100 $QQQ ( ▼ 0.93% ) 20,915
Russell 2000 $IWM ( ▼ 0.32% ) 2,039
Dow Jones $DIA ( ▼ 0.6% ) 41,603
STOCKS
Gentlemen, Start Your Reactors 💣️
Nuclear stocks blew up Friday after a Thursday night report from Reuters that President Trump is close to expanding reactor production. On Friday, Trump signed executive orders and spoke on the plan.
Trump pushed the Nuclear Regulatory Commission and the Department of the Interior to go through applications to build expedited reactors within 18 months.
The nuclear and start-up energy business flew following the news. $LTBR ( ▲ 42.59% ) a nuclear fuel tech firm flew on the news, followed by a nuclear power plant firm $OKLO ( ▲ 23.04% ) . The VanEck Uranium Nuclear Energy ETF $NLR ( ▲ 9.94% ) climbed nearly 10% overall.
The executive branch will use the Defense Production Act to declare a national emergency because the U.S. depends on Russian and Chinese enriched uranium.
The plan ordered the Departments of Energy and Interior to chart federal land to build nuclear facilities. The atomic energy business has heated up as massive AI tech firms started vying for resources to fuel their data center empires. It’s like the Mag Seven is playing Sid Meier’s Civilization. 🏰
Stocktwits users are ‘extremely bullish’ on nuclear stocks.
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…EXCEPT DEATH AND TAXES
Well, So Much For A Relaxing Weekend
Trump could not let the market enjoy a calm entrance into Memorial Day Weekend. On Friday morning, the old guy woke up with some fire in his breath, and tweeted out Apple would have to pay dearly if it wanted to build iPhones outside of the U.S, and the EU will get a steep new tariff raise on June 1 after trade negotiations stalled.
“Our discussions with them are going nowhere! Therefore, I recommend a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States.“
Treasury Secretary Scott Bessent said that the administration believes EU proposals have not been up to the same quality as the proto deals signed with the UK and China. Bessent said in a Bloomberg interview that the EU is a sticking point because they have 27 constituent nations with their own wants and needs. Imagine if they had 50, that place would be wild. 🦅
Overall, they want American goods. According to the Office of the U.S. Trade Representative, the EU was the second largest purchaser of U.S. exports in 2022, at a total of $351B in goods.
Chicago Fed President Austan Goolsbee said the current 10% pause rate was the highest in 90 years, and 50% is even more severe. It was part of the reason he said on CNBC that the Fed would have to wait until the White House and the world work out trade policy before the Fed can adjust rates. Boston Fed Pres Susan Collins said 2025 might be a no-cut year.
The U.S. is halfway through its 90-day pause for worldwide tariffs as of tomorrow. ⌚️
Apple Is Getting Hit
Trump specifically called out Chief Tim Cook and Apple for shifting their production from China to India instead of the U.S. Samsung also caught strays while Trump talked tariffs Friday afternoon in the Oval Office.
Apple shares fell after the President tweeted that the firm would see a 25% tariff on iPhones not made in the U.S.A. Apple’s major supplier, Foxconn, just announced a $1.5B plan to expand its Indian facilities on Thursday.
WedBush analyst Dan Ives said the move would take years and cost millions, bringing the price of iPhones to $3,500 at least. Cook met with Trump at the White House on Tuesday, and it looks like the talks did not go over well.
Cook has long been a Trump placater. He donated $1M to the Trump inauguration fund, seemingly paying for a seat behind the incoming president in the Capitol Routundra. Apple also said it would spend $500B in U.S. construction.
Even before the new bombshell, Apple said tariffs would cost them about $900M this quarter. 🤑
Stocktwits Sentiment on Apple fell from ‘bullish’ to ‘neutral’
POPS & DROPS
Noteworthy Stories From Stocktwits News 🗞️
Intuit shares surged 8% after the Credit Karma and TurboTax owner reported Q3 revenue of $7.75B, beating estimates of $7.56B, with adjusted EPS of $11.65 exceeding forecasts of $10.91. Analysts raised price targets, with Barclays lifting its target to $815 from $775, Stifel increasing to $850 from $725, and Piper Sandler moving to $825 from $785.
$X ( ▲ 21.24% ) flew after a late-day report that Trump approved the Nippon Steel takeover of the struggling U.S. steel maker. The deal terms are not clear, but Trump said in a post the partnership will bring a $14B investment to the U.S.
$BULL ( ▼ 8.89% ) fell but the stock saw a 100% surge in retail chatter after reporting a Q1 profit of $12.9M, reversing a $12.6M loss from the prior year. Revenue climbed 32% YoY to $117.4M, driven by strong net deposits (+66%) and customer assets rising 45% to $12.6B.
Ross Stores shares dropped 9% after withdrawing its 2025 forecast, citing uncertainty from Trump’s tariff policy. The company expects Q2 EPS of $1.40–$1.55, below the $1.65 consensus, with a $0.11–$0.16 per-share cost impact from tariffs. Despite the cautious outlook, Ross reported Q1 EPS of $1.47, beating estimates of $1.44, with revenue of $4.99B.
$DECK ( ▼ 19.86% ) shares fell after beating estimates but issuing weak Q1 guidance and suspending its full-year outlook due to tariff uncertainty. The Hoka shoe brand owner expects Q1 EPS of $0.62–$0.67, missing the $0.79 consensus, and revenue of $890M–$910M, below the $925.3M estimate. It cut its full-year guidance and said due to trade policies.
Workday fell 12% after the firm reported Q1 revenue of $2.24B, beating estimates of $2.22B, with adjusted EPS of $2.23 exceeding forecasts of $2.01. Despite the earnings beat, management issued cautious guidance for Q2 subscription revenue of $2.16B, slightly below expectations.
EXCLUSIVE
🟢 WEEKEND RIP WITH BEN & EMIL PRESENTED BY GRAYSCALE
Dive into the week’s market madness with hilariously questionable financial insights from Ben Cahn & Emil DeRosa. Live every Friday at 4:30pm ET.
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Links That Don’t Suck 🌐
👀 Why ‘Sell America’ is trending on Wall Street
😀 US Inflation, Recession Forecasts Ease on Trade Truce With China
🎮️ Epic Games’ Fortnite returns to Apple App Store in US after nearly 5 years
⚠️ Anthropic’s new AI model turns to blackmail when engineers try to take it offline
😨 Apple’s Tim Cook thought he had a Plan B for Trump’s tariffs, It wasn’t enough
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