The SPY ETF has reversed earlier declines and is now headed for a gain of 0.45% on the day. Meanwhile, JPMorgan has expanded its list of top stocks, coinciding with the final month of trading for H1 2025. The analyst firm has reportedly turned more bullish on Take-Two Interactive (Nasdaq: TTWO) and Netflix (Nasdaq: NFLX), joining a cohort that also includes McDonald’s (NYSE: MCD) and Boeing (NYSE: BA).
Steel Dynamics (Nasdaq: STLD) is out front with a 9.5% gain.
Fellow steelmaker Nucor (NYSE: NUE) is rising close to 9% on the steel tariff development.
Newmont (NYSE: NEM) is tacking on 6% as the gold price soars and investors run for shelter.
GM (NYSE: GM) and Ford (NYSE: F) are lower by 4% and 3%, respectively, as steel import tariffs come into focus.
The SPY ETF is currently higher by 0.11%.
U.S. manufacturing activity continued its deceleration in May, marking the third consecutive month of contraction. The Manufacturing PMI registered 48.5%, a slight dip from 48.7% in April. This index, which reflects the health of both the manufacturing and services sectors, signals ongoing weakness. Not surprisingly, the imports segment plunged to its lowest level in almost two decades. Against this backdrop of slowing economic indicators, stocks remain under pressure, including a 1.2% decline in Illinois Tool Works (NYSE: ITW). Conversely, the price of gold is surging, up 2.5% to exceed $3,400 per ounce, as investors increasingly seek a safe haven amidst growing signs of an economic slowdown. The SPY ETF is down 0.08%.
As the first half of 2025 nears the end, some Wall Street analysts are revising their S&P 500 targets. Most recently, RBC analysts have increased their year-end S&P 500 target to 5,730, up from 5,550. However, the prediction, made by RBC’s Lori Calvasina, suggests the broader market index has another 3% to fall based on last week’s closing level. The SPY index remains under pressure and is currently lower by 0.42%.
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The markets are starting off the month of June under pressure. Technology stocks have reversed earlier gains, leaving all three of the major stock market averages lower as of mid-morning trading, including the S&P 500.
The overwhelming sentiment among traders and investors is one of tariff-war uncertainty amid rising tensions between the White House and China over a previously reached short-term tariff agreement. In response, stocks are lower and while Treasury yields are being pushed higher, with the 10-year Treasury yield experiencing a 2-basis-point bump to 4.4%. The SPDR S&P 500 ETF (SPY) is currently down 0.60%.
Despite the tariff uncertainty, the markets quietly moved higher last month. May witnessed the tech-heavy Nasdaq Composite advance over 9%, while the S&P 500 and Dow Jones Industrial Average climbed higher by 6% and 4%, respectively. Technology stocks fueled much of the gains, led by Big Tech leaders such as Nvidia (Nasdaq: NVDA | NVDA Price Prediction) and Microsoft (Nasdaq: MSFT).
Steel stocks are bucking the downward trend in today’s markets. The Trump administration announced a doubling of tariffs on steel imports to 50%, a move directly benefiting U.S. steelmakers. Today, Cleveland-Cliffs is soaring over 22%, Steel Dynamics (Nasdaq: STLD) is up 13.4%, and Nucor (NYSE: NUE) has climbed 11.7%. This sector-wide rally is providing a strong lift to the VanEck Steel ETF, which is up 3% today.
Turning to the Dow Jones Industrial Average, analysts predict that Dow component Boeing (NYSE: BA) could ride some tariff-related tailwinds. Bank of America has upgraded BA shares to “buy” with a revised price target of $260, a notable jump from its previous $185. BofA analysts suggest the White House may strategically leverage Boeing’s jetliners as a key negotiating asset in upcoming trade discussions. As a result, BA stock is currently gaining 1.7%
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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