U.S. Steel and Tariff Implications

Shares of U.S. Steel gained nearly 9% following the announcement from President Donald Trump regarding a review of Japan’s Nippon Steel’s proposed acquisition of the company. Trump has tasked the Committee on Foreign Investment in the United States with assessing whether further action may be warranted in this case.

Challenges for Automakers

Automotive stocks experienced declines, reflecting investor concerns over a lack of concrete developments related to President Trump’s tariff policy. Notable drops included:

• Stellantis: Fell over 6%
• Ford Motor: Decreased by 5%
• General Motors: Slipped 3%, following a downgrade by Bernstein from market perform to underperform

Tesla’s Stock Response

Tesla’s stock also faced challenges, dropping by 5%. Analyst Dan Ives reduced his price target for the electric vehicle manufacturer due to apprehensions regarding CEO Elon Musk’s political relations.

Machinery Sector Weakens

The machinery sector suffered as UBS downgraded several significant stocks, warning that ongoing trade disputes could lead to diminished demand for machinery due to increased pricing pressures. The following stocks were notably affected:

• Caterpillar: Down over 3%
• Terex: Down over 3%
• Paccar: Down over 3%

Dollar Tree Shines Amidst Market Red

In contrast to declining stocks, Dollar Tree saw an increase of 6% after receiving an upgrade from neutral to buy by Citi. Analyst Paul Lejuez characterized the retailer as a “dark horse winner” amid the escalating trade war.

Major Banks Adversely Affected

Major banking institutions continued to face downward pressure due to recession fears, with both Morgan Stanley and Citi falling by over 1%. Goldman Sachs experienced a drop of approximately 3% following a rating downgrade from Morgan Stanley.

Apple and Chinese ADRs Decline

Apple’s stock is under pressure, falling more than 5% as it grapples with the implications of tariffs aimed at China, where its products are manufactured. The company’s challenges are echoed by the performance of U.S.-listed Chinese firms, with notable declines including:

• Alibaba: Down over 11%
• JD.com: Down about 8%
• Bilibili: Dropped 7%
• PDD: Pulled back 6%

Bitcoin-Related Stocks Struggle

Stocks associated with Bitcoin faced further adversity, with the cryptocurrency itself dropping by more than 2%. Notable moves included:

• Coinbase: Lost 5%
• Strategy (formerly MicroStrategy): Declined by over 11%
• MARA Holdings and Riot Platforms: Each fell roughly 1%

Trump Media & Technology Group and RH Update

The Trump Media & Technology Group’s shares declined by 2%, marking its eighth loss in nine trading sessions. Conversely, RH, a luxury home furnishings company, saw a rebound with a 15% increase after suffering a 40% drop the previous Thursday and additional losses thereafter.

Upcoming CNBC Pro LIVE Event

For those seeking insights in this variable market, CNBC Pro is hosting an exclusive in-person event at the historic New York Stock Exchange on June 12. Subscribers can engage with experts and network during this unique opportunity.