HAPPY MONDAY TO THE STREET.

Another day, another multimillion-dollar windfall for Elon Musk. His brain implant firm Neuralink just secured another $650M in funding.

If the company maintains its current pace, this latest round of capital should help the $9B company expand its lineup of a whopping three patients by… approximately one-third of a person?

• 🟩 | US stocks ticked up following the latest tariff development: a 50% tax on steel and aluminum imports, which President Trump said would “secure” the industry.

• 📈 | One Notable Gainer: Steel stocks shot higher on the news, particularly Steel Dynamics $STLD ( ▼ 2.16% ) and Nucor $NUE ( ▼ 2.62% ).

• 📉 | One Notable Decliner: On the flip side, it sent US automakers into a skid, with Ford $F ( ▼ 1.37% ), General Motors $GM ( ▼ 0.94% ), and Stellantis $STLA ( ▼ 2.07% ) all finishing sharply lower.

— Brooks & Cas

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HURRY — THE CLOCK IS TICKING!

STOCK HEATMAPS

Market Movers

APPLIED DIGITAL, COREWEAVE, DRAFTKINGS

$APLD ( ▼ 3.62% ) / $CRWV ( ▼ 17.13% ) Applied Digital and CoreWeave ink 15-year lease worth $7 billion (Reuters)

$DKNG ( ▼ 3.19% ) / $FLUT ( ▼ 0.58% ) DraftKings and Flutter dip after Illinois unveils surprise tax hike targeting top sportsbooks (Sherwood)

$BMY ( ▼ 0.36% ) / $BNTX ( ▼ 0.9% ) Bristol Myers makes $11 billion deal with BioNTech to join the cancer-drug race (MarketWatch)

$META ( ▼ 0.62% ) / $OMC ( ▼ 1.45% ) Meta Stock Hits Three-Month High After AI Ad Automation Report; Advertising Stocks Fall (IBD)

$SNY ( ▲ 0.43% ) / $BPMC ( ▼ 0.18% ) Sanofi to Buy Blueprint Medicines for Up to $9.5 Billion in Boost to Pipeline (WSJ)

OVERHEARD ON THE STREET

ABC: Trump’s doubling of tariffs on foreign steel and aluminum might raise prices in these categories.

WSJ: Oil prices are rising despite OPEC+ agreeing to increase production, driven by Ukrainian drone strikes on Russian military airports.

Reuters: US manufacturing contracted for a third straight month in May, as Trump's tariffs drove up input costs, delivery times, and layoffs.

CNBC: Consumers are cooking at home more than at any time since early 2020, according to Campbell’s $CPB ( ▼ 0.47% ).

AP: China said US AI chip export controls, software bans, and plans to revoke Chinese student visas “seriously violate” the tariff truce.

Tomorrow's Trade Idea, Today

JPMORGAN’S GLASS-HALF-FULL WATER PLAY

Glass Half Full

JPMorgan $JPM ( ▼ 0.92% ) is eyeing the water sector — and seeing a glass half full.

The bank’s analyst Mark Strouse initiated coverage of water technology firm Xylem $XYL ( ▼ 0.05% ), which it calls a pure water play, with an Overweight rating and a $148 price target. That represents nearly 18% upside from today’s close.

Floodgates Opening

The company, which delivers comprehensive water solutions from clean water treatment to wastewater systems, has already seen its stock jump more than 8% YTD. But Strouse says its valuation is still discounted — and makes for a potentially attractive entry point.

The analyst considers Xylem a promising investment moving forward, especially for investors seeking exposure to sustainable infrastructure and water resilience. He called the firm a dominant player in water technology, citing its diverse portfolio of global brands like Evoqua, Flygt, and Sensus, which cater to various water-related end markets.

Evoqua, part of Xylem’s water solutions segment, is poised for global expansion due to its strong corporate partnerships and international reach. Meanwhile, Sensus, which was acquired in 2016 for $1.7 billion, is a major player in water metering technology.

Sustainable Products, Sustainable Growth

Strouse emphasized the significance of the company’s 80/20 simplification strategy, the growing demand from PFAS-related water challenges, and the integration of Evoqua as major drivers of long-term potential.

Its growth strategy also includes several key initiatives with the goal of improving margins through 2027.

According to JPMorgan, Xylem’s wide-ranging capabilities and alignment with long-term sustainability trends have it well positioned to exceed investor expectations and remain a forward-looking investment in an increasingly water-conscious world.

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ON OUR RADAR

Reuters: Trump is reportedly asking trade partners to submit their best offers by Wednesday in a push to finalize deals before tariffs resume on July 8.

CNBC: For the first time in a quarter-century, more office space is being removed than added, as vacancies remain near a record high.

Bloomberg: Disney $DIS ( ▼ 0.95% ) is laying off hundreds of employees across its film, TV, marketing, casting, and finance divisions.

CNN: Major brands are scaling back Pride Month campaigns this year amid political backlash and fears of federal scrutiny.

The Verge: Airbnb $ABNB ( ▲ 2.78% ) CEO Brian Chesky wants to transform the company’s redesigned app into an “everything app”.

FRIDAY’S POLL RESULTS

Are you bullish or bearish on Southwest Airlines $LUV ( ▲ 0.54% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐻 Bearish — 

  • “SWAir customer service has been historically great. The ease of changing flights without penalty was extremely convenient. More recently, my experiences have been more delayed flights without real explanations, and confusing updates on the app. Now that additional costs for baggage will be added and the lack of any frills onboard, I will be looking at SWAir as just another airline to consider for travel and not my first look.”