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In tariffs news — and it’s been a minute since we last had some interesting tariffs news from the tariff-obsessed Trump administration — U.S. Trade Representative Jamieson Greer says the White House has reached a trade deal with Switzerland.
The U.S. will reduce tariffs on imported Swiss goods from 39% to just 15%. In exchange, Swiss companies will invest $200 billion in the U.S. through 2028. One Swiss company in particular, Roche Holding, has already announced plans to invest $50 billion in pharmaceutical manufacturing capacity in the U.S. So we’re actually already 25% of the way to the goal!
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Stocks have bounced back after their sharp pre-market selloff (and even sharper selloff yesterday). The Voo is currently up 0.25% for the day.
Not so with Bitcoin. After falling steeply premarket, shares of the granddaddy of cryptocurrencies regained some ground, but remain down 2.5% at 1 p.m., trading just under $95,700.
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JPMorgan analyst Bill Peterson upgraded MP Materials (NYSE: MP) to overweight with a $74 price target this morning, citing “new accounting guidance for its landmark DoD deal, including the $110/kg NdPr price floor kicking in Oct-1.”
“Rare earths national security concerns are ‘here to stay’ despite China’s reported one-year pause on export restrictions,” says Peterson. And “MP’s unique mine-to-magnet vertical integration positions the company as the ex-China leader ready to immediately begin addressing these concerns.”
MP stock is also down this morning, but only 1%.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) had its worst day in months on Thursday, falling 1.6%, and the selloff appears likely to continue as Friday dawns, with the ETF down another 1% premarket.
And why?
Your guess is as good as anyone else’s. Theories range from worries that artificial intelligence isn’t generating the efficiencies it was supposed to (such that investments in AI aren’t paying off for companies using it) to fears that AI stocks have been bid up to unsustainable valuations. And of course, both these things could be true at the same time.
But Bitcoin prices are down 2% today as well, and gold futures are off 3.5%. Neither of those things have much to do with AI. Really, investors could simply be in a “risk off” frame of mind right now, and selling whatever they can, without taking too much time to consider why.
Earnings
Not all the news is bad, however — not even in AI. S&P 500 component and semiconductor chip manufacturing equipment maker Applied Materials (Nasdaq: AMAT), for example, beat earnings by six cents last night, reporting a fiscal Q4 profit of $2.17 per share on sales of $6.8 billion, also better than expected. Applied also guided investors to expected fiscal Q1 2026 revenue of $6.35 to 7.35 billion per share, ahead of Wall Street forecasts.
Not that the good news mattered. Applied Materials stock is down more than 6% premarket.
Ballard Power (Nasdaq: BLDP), operating in the popular fuel cells sector, beat earnings by two cents last night as it reported a $0.09 per share loss, and Ballard’s revenue was much better than expected at $32.5 million.
Naturally, Ballard stock is also selling off this morning, down 9%.
On the other hand, this morning, Spire Inc. (NYSE: SR) missed earnings by four cents. The natural gas utility stock reported a $0.47 per share loss on Q4 sales of $334.1 million, far short of the $422.8 million that Wall Street expected. Spire did guide to strong full-year fiscal 2026 earnings, however, $5.25 to $5.45 per share, well above the $5.20 per share consensus.
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