Podcast
Morning Dose #45: Steel Tariff Shockwaves Drive Global Market Selloff – Monday 6/2/2025
Key takeaways
- Watch support and resistance levels on SPY and QQQ , sector rotations favor Tech and Financials, indicating risk appetite and potential rally.
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.