Happy Tuesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US stocks were little changed today as investors weighed cautious comments from Fed Chair Powell against several promising developments.

• 📈 | One Notable Gainer: Shares of Intel (INTC) skyrocketed 6% after JD Vance took to the stage at a Paris summit to declare AI chips will be miUSA.

• 📉 | One Notable Decliner: Tesla’s (TSLA) stock, meanwhile, shed 6%, its fifth straight day in the red, as Elon Musk’s brother Kimbal cashed in $28M worth of shares.

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MARKET MOVERS

Apple, Alibaba, Fidelity

AAPL (+2.2%) / BABA (+1.3%) Apple Partners With Alibaba to Develop AI Features for iPhone Users in China (The Information)

FIS (-11.5%) Fidelity National Information stock plunges on below-consensus guide, Q4 revenue miss (SeekingAlpha)

DD (+6.9%) DuPont Earnings Soar on Electronics Strength Ahead of Spinoff (Bloomberg)

MAR (-5.4%) Marriott's full-year profit forecast dampened by China slowdown (Reuters)

PSX (+4.7%) Activist Elliott Ratchets Up Pressure on Phillips 66 With Over $2.5 Billion Stake (WSJ)

OVERHEARD ON THE STREET

WSJ: Elon Musk bid $97.4B for OpenAI’s assets, potentially forcing the company to reassess its valuation as it transitions to a for-profit venture.

CNN: Federal Reserve Chair Jerome Powell reiterated that the central bank won’t rush to cut interest rates in his Capitol Hill testimony.

Reuters: Vice President JD Vance warned heavy AI regulations could stifle the technology and declined to sign a French summit statement on AI governance.

CNBC: Hims & Hers is facing scrutiny from senators and industry insiders over a “misleading” Super Bowl ad for its weight loss products.

Axios: Disney is adjusting its DEI programs to focus more on business outcomes and revising content disclaimers, amid pushback from the Trump administration.

TOMORROW’S TRADE IDEA, TODAY

Tariffs Aren’t Stronger Than Steel

Bolstering Domestic Steel

Yesterday, President Donald Trump announced his latest tariff plan: a 25% tax on all steel and aluminum imports. But unlike previous tariff threats, Goldman Sachs (GS) thinks these could be a tailwind for some domestic metal stocks.

Analyst Mike Harris believes that this move will force out lower-priced imports and spur domestic production, while lifting global prices.

Goldman’s Picks

Goldman listed three steel stocks — Commercial Metals (CMC), Cleveland-Cliffs (CLF), and Nucor (NUE) — as potential beneficiaries of the tariffs.

Harris believes that each of these companies could see their earnings improve, not only due to the taxes, but also as a result of lower interest rates and spending on infrastructure.

In the wake of the announcement, the firm lifted its price target for all three stocks, implying upside ranging from 28% to 38%.

Steel Dynamics

KeyBanc (KEY), meanwhile, is particularly bullish on steel producer Steel Dynamics (STLD). Analyst Philip Gibbs recently raised his price target to $155, or nearly 15% upside from today’s close. He also rated the stock Overweight.

Despite sharp gains yesterday, Gibbs believes that the stock is still trading at a reasonable price level compared to its peers. (It added just 1.5% today.) He also believes that Steel Dynamics is at a turning point, and sees positive earnings revisions on the horizon.

Investors have spent much of the past months steeling themselves against more tariff announcements. But if Goldman and KeyBanc are to be believed, investors should “steel” their portfolios, too.

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ON OUR RADAR

AP: EU chief Ursula von der Leyen vowed tough countermeasures to US tariffs on steel and aluminum, targeting industries like bourbon, jeans, and motorcycles.

CNBC: Two senior leaders at the CFPB resigned after the acting director ordered all staff to stop working, citing an inability to effectively serve.

WSJ: China is investing heavily in technological self-sufficiency and high-end manufacturing to resist US trade pressure amid rising tensions.

Forbes: Silicon Valley's Disciplus Ventures, backed by a16z and more, is creating a startup accelerator for military tech with a pro-Christian, male-led vision.

BI: Elon Musk's DOGE staff includes tech advisors, a former Clarence Thomas clerk, and a McKinsey alum, with most members early- or mid-career.

MONDAY’S POLL RESULTS

Are you bullish or bearish on Honeywell (HON) over the next 12 months?

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🟨🟨⬜⬜⬜⬜ 🐻 Bearish

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SEE PROVIDERS

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