Happy Wednesday 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 popped Wednesday. Tech led the way after solid reports from Salesforce and Marvell Technology.

• 📈 | One Notable Gainer: On a big earnings day, flash memory tech firm Pure Storage stood out, as its stock soared 22.1% on a classic beat and raise.

• 📉 | One Notable Decliner: Conversely, shares of Foot Locker tripped and tumbled 8.6% in the wake of a weak quarter and slashed forecast.

Plus, with year-end fast approaching, now’s the time to partner with tax experts who can help you protect your nest egg and seize opportunities before new regulations take effect.

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Tax Changes on the Horizon? Stay Ahead and Protect Your Wealth.

With election results in, tax laws are likely to shift—how will they affect your business, your portfolio, and your financial future?

At Gelt, we specialize in helping high-income earners, savvy investors, and business owners like you navigate complex tax changes and seize opportunities to protect and grow your wealth.

Tax planning isn’t just about deadlines—it’s about staying proactive and making strategic decisions that align with your goals. Whether it’s reducing your tax burden, maximizing deductions, or optimizing your business finances, the right strategies can make a big impact.

Our expert team is here to ensure your personal and business goals are supported by forward-thinking tax strategies, keeping your wealth protected and compliant in an evolving tax landscape.

Don’t let uncertainty hold you back. Partner with Gelt today for personalized solutions that keep you ahead of the curve and in control of your financial future. Take the first step toward smarter tax planning.

MARKET MOVERS

Salesforce, Campbell’s, Marvell

CRM (+11.1%) Salesforce Stock Jumps After Earnings Miss. What's Got Markets Excited. (Barron’s)

CPB (-6.2%) Campbell’s is getting a new CEO. Analysts say he could face these ‘uncertainties’ as Trump takes office. (MarketWatch)

MRVL (+23.2%) Marvell Technology Price Levels to Watch as Stock Soars After Strong Earnings (Investopedia)

ADBE (+3.9%) Former Intuit CMO Lara Balazs Jumps to Adobe (AdWeek)

CMG (+4.8%) Chipotle's 20% price hike comes from a 'point of strength' (SeekingAlpha)

OVERHEARD ON THE STREET

CNN: UnitedHealthcare’s CEO was shot and killed in midtown Manhattan this morning in an apparent targeted attack.

Reuters: US employers added 146,000 jobs last month, slightly less than expected.

NYT: Amazon is being sued by DC’s attorney general for allegedly outsourcing Prime deliveries in certain ZIP codes to slow delivery times in low-income areas.

AP: The founder of Celsius Network could face decades in prison after pleading guilty to federal fraud charges for misleading customers about the crypto business.

CNBC: President-elect Donald Trump named former National Trade Council director Peter Navarro to another top trade position.

TOMORROW’S TRADE IDEA, TODAY

Trump Tariffs Could Be Good For Steel

Tariff Tailwinds

Donald Trump will be inaugurated in January — and a slew of long-promised tariffs may soon follow. But they might not impact all businesses equally.

Some of Trump’s presumed trade policies could have a positive outcome for the US steel industry, according to Goldman Sachs (GS).

Trump has proposed a 100% tariff on BRICS nations, which includes China, a dominant steel producer. These could drive down Chinese steel exports to the US, catalyzing domestic growth.

Cleveland-Cliffs

Goldman analyst Mike Harris projects 3% annual volume growth and 1% annual pricing growth for Cleveland-Cliffs (CLF). He also believes the centuries-old steel manufacturer will enjoy a 47% compound annual growth rate (CAGR) over the next two years.

The stock is down over 39% YTD, but up around 3% over the past five days of trading following the BRICS tariff proposal. According to Harris, it may have much further to go.

Commercial Metals

Harris also projects that Commercial Metals (CMC) could see its annual volume growth hit 4%, while its annual pricing could rise 2% as a result of the tariffs. He expects the company to see a CAGR of 9% in 2025 and 2026.

Commercial Metals stock is up more than 24% YTD and 14% over the last month alone.

In other words, investors looking at this sector might not only find steel, but also steals.

Sponsored by Gelt

Tax Changes on the Horizon? Stay Ahead and Protect Your Wealth.

With election results in, tax laws are likely to shift—how will they affect your business, your portfolio, and your financial future?

At Gelt, we specialize in helping high-income earners, savvy investors, and business owners like you navigate complex tax changes and seize opportunities to protect and grow your wealth.

Tax planning isn’t just about deadlines—it’s about staying proactive and making strategic decisions that align with your goals. Whether it’s reducing your tax burden, maximizing deductions, or optimizing your business finances, the right strategies can make a big impact.

Our expert team is here to ensure your personal and business goals are supported by forward-thinking tax strategies, keeping your wealth protected and compliant in an evolving tax landscape.

Don’t let uncertainty hold you back. Partner with Gelt today for personalized solutions that keep you ahead of the curve and in control of your financial future. Take the first step toward smarter tax planning.

ON OUR RADAR

NYT: The US Supreme Court is hearing arguments on a state's power to block transgender teenagers from receiving puberty blockers and other treatments.

WSJ: Trump is considering replacing Pete Hegseth with Florida Governor Ron DeSantis as his Pentagon nominee amid scrutiny over Hegseth's personal life.

CNBC: South Korea’s president faces an impeachment motion after declaring martial law.

BI: Tesla told workers on the Cybertruck line not to report to work for the next three days.

AP: Australia is banning social media for people under 16. Will it work?

TUESDAY’S POLL RESULTS

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

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨🟨🟨⬜️ 🐻 Bearish