Morning Dose: Steel Tariff Shockwaves Drive Global Market Selloff
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
The Morning Dose – Everything You Need to Know Before the Market Opens
Market sentiment: A bit soft start expected due to President Trump’s tariff announcement on steel imports, weighing on global markets.
Overnight Headlines
- Asian Markets: Nikkei down 1.3%, Hang Seng down 0.6%
- European Markets: DAX down 0.4%, CAC down 0.5%, FTSE trading flat
- Bond Market: U.S. ten-year yield up to 4.43%
Economic Announcements
Global Manufacturing PMI: China at 49.5, Eurozone at 49.4, indicating ongoing contraction.
Upcoming U.S. data: Final Manufacturing PMI, Construction Spending, ISM Manufacturing Index.
Earnings Highlights
- CPB (Campbell Soup): Beat expectations and positive guidance
- MRNA (Moderna): Up 3.5% on FDA approval for COVID shot
Top Movers
- STLD (Steel Dynamics) up 11%, NUE (Nucor) up 10.6% on tariff news
- VERA (Vera Therapeutics) up 38%, BPMC (Blueprint Medicines) up 27%
Quick Trade Ideas
- Focus on steel stocks, biotech (VERA, BPMC), and keep an eye on ISM Manufacturing data.
Key Takeaway
Watch support and resistance levels on SPY and QQQ, sector rotations favor Tech and Financials, indicating risk appetite and potential rally.