Top Stock Movers – June 02, 2025
U.S. stocks were mixed at midday Monday as fresh trade tensions with China and new White House tariff proposals stirred market volatility. The Dow Jones Industrial Average fell 0.5%, the S&P 500 dipped 0.1%, while the tech-heavy Nasdaq managed a 0.2% gain.
Automakers Sink on Tariff Talk
Shares of the “Big Three” U.S. automakers: Ford (F), General Motors (GM), and Stellantis (STLA) fell sharply after former President Donald Trump announced plans late Friday to double tariffs on steel imports to 50%. The move, he claimed, was in response to China “totally violating” the trade agreement reached in Geneva last month.
In retaliation, China accused the U.S. of breaching the deal and hinted at potential countermeasures, rekindling concerns over a full-blown trade war.
Steel Stocks Jump
While automakers took a hit, domestic steel producers soared on the tariff news. Cleveland-Cliffs (CLF), Steel Dynamics (STLD), and Nucor (NUE) all posted strong gains as investors bet on rising steel prices and demand for U.S.-produced steel.
Moderna Rallies on FDA Approval
Moderna (MRNA) surged after the FDA approved its latest COVID-19 vaccine, mNEXSPIKE, for use in adults 65 and older and for those aged 12 to 64 with at least one underlying risk factor. The announcement adds a new revenue stream for the biotech firm as the virus continues to evolve.
Biotech Deal Boosts Blueprint Medicines
Shares of Blueprint Medicines (BPMC) jumped after Sanofi (SNY) agreed to acquire the Cambridge-based biopharma company in a deal valued up to $9.5 billion, boosting confidence in the M&A pipeline for biotech.
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