These Prices Are A Steel
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CLOSING BELL
These Prices Are A Steel
Blue Steel — tenor
Welcome to June! The market climbed for the trading day of a fresh new month, after tariff deals sent May to an all-time high monthly climb. Now that the spring earnings season is winding down, investors are looking forward to news from trade deals before the July deadline for tariff pauses, and Fed rate news.
If there is no fresh macro news to keep the market climbing, the summer doldrums might set in, and “Sell in May and stay away” might become “Just dump your bags in June.” 👀
Today’s issue covers Hurry Up And Buy I Beams Now, These Prices Are A Steel, Powell Said Nothing, But Other Fed Members Started To Show Cracks In Rate Consensus, And More. 📰
With the final numbers for indexes and the ETFs that track them, 10 of 11 sectors closed green, with health care $XLE ( ▲ 1.31% ) leading and discretionary $XLI ( ▼ 0.13% ) lagging.
finviz
S&P 500 $SPY ( ▲ 0.56% ) 5,936
Nasdaq 100 $QQQ ( ▲ 0.79% ) 21,492
Russell 2000 $IWM ( ▲ 0.31% ) 2,070
Dow Jones $DIA ( ▲ 0.2% ) 42,305
STOCKS
Hurry Up And Buy I Beams Now, These Prices Are A Steel 🏗️
Steel stocks surged after President Trump announced a tariff hike on imported steel to 50%, doubling the previous rate, at a steel mill rally late Friday.
Cleveland-Cliffs $CLF ( ▲ 23.16% ) jumped nearly a quarter, while Nucor and Steel Dynamics gained nearly 10% on the news, The Japanese-based based $NPSCY ( ▲ 0.59% ) moved slightly, while the firm up for buyout $X ( ▼ 0.54% ) fell, despite a promise from Trump on Friday that the takeover will keep the firm in U.S. hands.
The move, set to take effect on June 4, aims to bolster domestic production but has sparked concerns over rising costs for automakers and construction firms. The move pissed off the European Union, and representitives said they were formulating a response. It throws gas on the EU/U.S. deal fire, and the EU reps said it undermines progress. 💀
Speaking of tariffs, President Trump and Chinese President Xi Jinping are expected to speak this week to discuss trade, according to White House officials. The discussion will likely focus on critical minerals and recent accusations from Trump that China has already violated deals. He isn’t the only party to think so.
The Chinese Ministry of Commerce said in a statement Monday that the U.S. has also violated their preliminary talks with new AI chip export controls and revoking Chinese student visas. Let’s hope a phone call can smooth things out. 📱
Stocktwits users became more ‘bullish’ on the largest steel ETF, as it climbed
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… EXCEPT DEATH AND TAXES
Powell Said Nothing, But Other Fed Members Started To Show Cracks In Rate Consensus
The market awaited a conference speech from Fed Chair Jerome Powell, after 1 pm Monday, where the head of the Fed did not do much but introduce the Fed’s International Finance Division’s 75th Anniversary Conference. Powell met with Trump last week, and the Fed’s favorite inflation gauge showed prices only grew 2.1% in the past month, the slowest rate in years. Living up to Trump’s frequent jabs, JPow was late to his scheduled talk. 😆
Investors expected more from his speech today, but other Fed members filled in with monetary policy insight. 💡
Dallas Fed President Lorie Logan backed Jerome Powell’s cautious approach to rate cuts, emphasizing that monetary policy can respond if needed. Logan noted that inflation remains slightly above the Fed’s 2% target and warned that tariffs could create persistent price pressures. She stressed that the Fed must ensure temporary price increases don’t translate into long-term inflation.
Despite President Trump’s push for rate cuts, Logan reiterated that the central bank will wait for clearer economic signals before making adjustments.
Fed Governor Christopher Waller signaled openness to rate cuts later this year, contingent on continued progress toward the Fed’s 2% inflation target and a stable labor market. He emphasized that any inflation from tariffs is likely to be temporary and should not dictate policy decisions. Waller’s stance more aligns with the White House’s view that price increases will be transitory, that the Fed can “look through” tariff changes and make a call now.
Markets are closely watching upcoming economic data for further signals on the Fed’s next move, which is expected at the FOMC meeting in two weeks, on June 18th. The CME FedWatch futures tracking tool shows the market pricing in a less than 5% chance of a Fed target rate cut.
Investors watched as Powell thanked the Fed staff for the event, but did not mention monetary policy
POPS & DROPS
Top Stocktwits News Stories 🗞️
Applied Digital shares surged nearly 50% after announcing a $7 billion, 15-year lease agreement with CoreWeave to provide AI and high-performance computing infrastructure. The deal positions Applied Digital as a key player in hosting AI data centers, with its North Dakota campus expected to deliver 250 megawatts of critical IT load.
$BA ( ▲ 2.0% ) shares climbed after Bank of America upgraded the stock to “Buy” from “Neutral” and raised its price target to $260 from $185. The firm cited Boeing’s growing role in global trade diplomacy, pointing to recent aircraft deals with the U.K., Qatar, UAE, and China.
Sanofi has agreed to acquire $BPMC ( ▲ 26.09% ) for up to $9.5 billion, expanding its rare immunology portfolio. The deal includes Ayvakit, a systemic mastocytosis treatment, elenestinib, and BLU-808, two pipeline assets targeting KIT-driven diseases. Sanofi will pay $129 per share in cash, with additional milestone payments tied to regulatory approvals.
Circle increased its IPO size, now targeting a $7.2 billion valuation. The stablecoin issuer plans to sell 32 million shares at $27 to $28 each, up from its previous offer of 24 million shares priced between $24 and $26. The move reflects strong investor demand, with BlackRock reportedly considering a 10% stake in the offering.
Tempus AI unveiled xM, a liquid biopsy assay designed to monitor treatment response in patients receiving immune-checkpoint inhibitors for advanced cancers. The test tracks circulating tumor DNA (ctDNA) dynamics, allowing clinicians to assess molecular response before six weeks into therapy. The stock rebounded after a short report alleged the firm’s messaging was inconsistent.
Meta plans to roll out fully automated AI-driven ad creation by the end of the year. The system will allow brands to submit a product image and budget, with AI generating the entire ad—including imagery, video, and text—while optimizing audience targeting on Facebook and Instagram. CEO Mark Zuckerberg described it as a “business results machine.”
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WHAT’S ON DECK
Tomorrow’s Top Things 📋
Economic data: Factory Orders (MoM) (Apr) (10:00 AM), JOLTS Job Openings (Apr) (10:00 AM), API Weekly Crude Oil Stock (4:30 PM). 📊
Pre-Market Earnings: NIO ($NIO), Dollar General ($DG), Signet Jewelers ($SIG), Ollie’s Bargain Outlet ($OLLI). 🛏️
After-Hour Earnings: CrowdStrike ($CRWD), Asana ($ASAN), Hewlett-Packard ($HPE), Yext ($YEXT), Sportsman’s Warehouse ($SPWH). 🎧
P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍
Links That Don’t Suck 🌐
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🏠️ A rate cut debate is heating up inside the Fed
🧠 Elon Musk’s Neuralink raises $650 million in fresh capital
🤑 Senate Begins Putting Its Stamp on Giant Trump Tax, Debt Limit Bill
👀 Snowflake to buy database startup Crunchy Data for about $250 million
🛒 Trump tariffs live updates: China, EU tensions escalate as US pushes countries for deals
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