American steel companies surge on Trump’s latest tariff plan

Investors are pouring into US steel giants Monday morning following news of President Trump’s plan to double the tariffs on steel and aluminum imports to 50%.

The higher levies will take effect on Wednesday, Trump says.

Early Monday trading saw Cleveland-Cliffs spike more than 25%, while Nucor and Steel Dynamics each rose more than 12%. Notably, US Steel, which appears set to be acquired by Nippon Steel, was relatively flat.

Some analysts were skeptical of how long these increased tariffs will last, given the way other levies have been repeatedly lowered (see: the “TACO trade”).

Outside of the EU, the US is the world’s largest importer of steel, bringing 26 million tons into the country last year.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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