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CLOSING BELL
These Prices Are A Steel

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 ( ▲ 1.74% ) leading and discretionary $XLI ( ▼ 0.84% ) lagging.

S&P 500 $SPY ( ▼ 1.12% ) 5,936

Nasdaq 100 $QQQ ( ▼ 1.26% ) 21,492

Russell 2000 $IWM ( ▼ 1.83% ) 2,070

Dow Jones $DIA ( ▼ 1.78% ) 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 ( ▼ 0.14% ) jumped nearly a quarter, while Nucor and Steel Dynamics gained nearly 10% on the news, The Japanese-based based $NPSCY ( ▼ 1.25% ) moved slightly, while the firm up for buyout $X ( ▼ 2.83% ) 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. 📱 

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