I've never seen so much awareness around steel in my lifetime, says Cleveland-Cliffs CEO
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CNBC
an hour ago
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Trade optimism lifts stocks, and Broadcom shares shake off a reported wrinkle in Meta's chip plans
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: The S & P 500 is hitting another record high off more trade agreements. Late Tuesday, President Donald Trump announced what he called a "massive deal" with Japan that included a reduced tariff rate of 15%, including for cars and car parts, and an investment of $550 billion in new capital in the United States. Stocks got an extra boost shortly before noon following a Financial Times report that the U.S. and European Union are close to finalizing a trade deal that would impose a 15% tariff on most goods, down from the 30% rate both sides have threatened if no deal is reached by Aug. 1. Recent trade deals and reports suggest that tariffs on imports to the U.S. are here to stay. Still, that hasn't stopped the market from climbing to new highs. Tariffs may sticking around, but the market is liking the lowered rates and pledges from foreign governments to buy more U.S. goods and invest in the United States through what Treasury Secretary Scott Bessent has now called an "innovative financing mechanism." Chip shift? : Shares of Club name Broadcom started Wednesday lower after a publication called DigiTimes Asia reported that fellow portfolio member Meta Platforms has chosen MediaTek over Broadcom to make its new 2 nanometer custom chip. If true, the news would be somewhat surprising since Meta Platforms and Broadcom have close ties. Broadcom not only partners with the social media giant on its MTIA accelerator , but CEO Hock Tan also serves on Meta's board. However, MediaTek also has a history with Meta, having collaborated on custom silicon for augmented reality glasses — so this new reported partnership isn't surprising and doesn't indicate any tension with Broadcom. Still, Meta branching out to new partners doesn't change our thesis on Broadcom and its larger AI accelerator opportunity, and shares eventually shook off their earlier losses to trade higher by about 0.75% in the afternoon. Broacom's AI business is exploding, with growth expected to sustain into its next fiscal year and demand accelerating in the back half. Looking ahead, Broadcom expects to increase its list of hyperscale customers for AI chips from three — widely believed to be Meta, Alphabet, and TikTok parent ByteDance — to seven, driving growth for years to come. Up next: There are no portfolio holdings reporting after the closing bell on Wednesday. But there are plenty of key reports, including Google parent Alphabet , Tesla , ServiceNow , IBM , Chipotle , and United Rentals . Before the opening bell on Thursday, we'll see earnings from Club names Honeywell and Dover . A few other companies scheduled to report are American Airlines , Blackstone , Dow Inc , Southwest Airlines , Flex and Keurig Dr. Pepper . (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Politico
2 hours ago
- Politico
Steel plant in Vance's hometown trades clean future for more coal
'After languishing under a Biden-era stranglehold — plagued by unfair foreign competition, job losses, and weakened national security as imports flooded the market and domestic production stalled — the steel industry is quickly roaring back to life,' the White House said in a statement on Tuesday. Under Biden, the Middletown plant was supposed to receive a $500 million federal grant to repower a coal-fired blast furnace in order to produce steel with clean hydrogen and natural gas. For decades, a mist of black soot has blanketed the cars and homes of the people who live closest to the plant. Had the hydrogen plan been implemented, it could have transformed one of the dirtiest steel plants in the country into one of the cleanest. It would have created an additional 200 permanent jobs and 1,200 construction jobs at the plant that now employs about 2,500. The Biden administration wanted the Cleveland-Cliffs plant to spark a new Industrial Revolution in cleaner technologies. 'Clean steel is the future, everyone knows that, and to pretend otherwise is sticking your head in the sand,' said Leah Stokes, professor at the University of California, Santa Barbara, who advised the Biden administration on clean energy policy. 'We can either lead globally and claim a big part of the future of clean industries or we can be laggards and continue to lose to countries like China.' But the market for greener steel in the U.S. has yet to take off at scale. The Biden administration invested in the plant to drive a hydrogen-based manufacturing hub in the region. That's because there is not a viable large-scale clean hydrogen market that could supply multiple industries working to cut carbon pollution. In the Biden administration, Goncalves said he could 'make the hydrogen hub viable.' By Monday, he sounded like Trump in his praise for coal, telling investors his company relied on 'American iron ore and American coal and American natural gas as feedstock, all produced right here in the United States of America.' While Goncalves did not specify how the administration was helping his company with the coal it purchases, Cleveland-Cliffs' bottom line has been boosted by a 50 percent tariff that Trump imposed on imported steel last month — doubling the rate from 25 percent. As with other tariffs, that's a cost largely borne by customers, and the hike already has shown up in the price tag for some vehicles.
CNBC
3 hours ago
- CNBC
Jim Cramer says stay away from the revived meme trade — plus, GE Vernova soars
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Wednesday's key moments. 1. The stock market is higher Wednesday following news that President Donald Trump announced a new trade deal with Japan. In a post on Truth Social late Tuesday, Trump said Japanese imports into the U.S. would be subject to a 15% tariff, including for automobiles, which had been subject to a 25% rate. Japan will also invest $550 billion into the U.S., Trump said, and buy 100 Boeing planes. "It's a win for Japan, a win for us," said Jim Cramer. On the other hand, "we have this meme problem again," Jim said, referencing meme traders who are orchestrating short squeezes on stocks like Kohl's, GoPro, and Krispy Kreme. "I like to see a legitimate way to make money," Jim said. 2. Club name GE Vernova rallied over 15% Wednesday after an earnings beat. Jim said it was "maybe the best story in the entire market." The company, whose gas turbines are essential in generating electricity, saw a very strong quarter with healthy revenue and beats on revenue and adjusted earnings per share. In the AI race, "everyone is power short," Jim said. With the stock's rally intensifying in the wake of the Morning Meeting, our view is now that investors shouldn't chase this move and wait for a better price. 3. On tap for earnings Thursday are Club names Dover and Honeywell . Both of the stocks were recently named by analysts as catalyst buy ideas into earnings in the past month. Over at Citi, analysts last week called Dover's accelerating growth underappreciated. "I don't have as much conviction on Dover, " Jim said, citing last quarter's mixed quarter. Separately, Deutsche Bank analysts said they foresee a high probability of Honeywell delivering a second-quarter beat and material raise to the full-year guidance. We like that Honeywell has set more realistic guidance so far this year. Jim said it still "matters" that Honeywell is in breakup mode, with its advanced materials and aerospace businesses on their way to being separated. 4. Stocks covered in Wednesday's rapid fire at the end of the video were: Texas Instruments , AT & T , Otis , Hasbro , and Lamb Weston . (Jim Cramer's Charitable Trust is long DOV, GEV, HON . See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
