Hello and welcome to market domination. I'm Josh Lipton live from our New York headquarters. There's just an hour to go now until the closing bound.Stocks are higher here. The Dow holding above that 50,000 level. Our very own Jared Blickley is standing by with all the headlines.Jared, >> get your Dow 51,000 hats. Uh but probably not today just yet. Uh we're looking at some very small gains here.Nevertheless, close to the open. Uh within the first hour, the Dow Dow notched a record intraday high. We'll see w ...

Core Viewpoint - The recent proclamation by U.S. President Donald Trump provides a two-year reprieve for coke oven facilities from stringent EPA rules, which is expected to stimulate growth in the U.S. steel supply chain and improve earnings for steel producers and coke-exposed miners [1][2]. Industry Impact - The easing of compliance pressure on metallurgical coke producers and related iron ore assets is anticipated to act as a significant growth catalyst for the U.S. steel supply chain [2]. - The proclamation is likely to reduce regulatory-driven shutdown risks for U.S. integrated steelmakers and metallurgical coke producers, providing a clearer investment landscape for ETFs focused on these sectors [3]. Trade and Tariff Context - The U.S. remains heavily reliant on steel imports, with nearly 25% of its steel supply coming from abroad, primarily from Mexico, Canada, and key allies in Asia and Europe [4]. - A 25% tariff on steel imports was previously imposed to bolster domestic production, but this has led to trade conflicts, particularly with China, resulting in a significant reduction in Chinese steel exports to the U.S. [5]. - Recent data indicates a 16.8% month-over-month decline in U.S. steel imports as of August 2025, attributed to the doubling of the Section 232 tariff from 25% to 50% [6]. Domestic Production and Costs - Trade tensions and tariffs have increased input costs for U.S. manufacturers, with domestic steel prices nearly double the global benchmark, putting pressure on downstream margins [7]. - The latest proclamation suggests that the U.S. administration is prioritizing industrial output stability, treating coke ovens and related facilities as national security infrastructure [8]. ETF Opportunities - The current environment is expected to enhance pricing power and volume predictability for companies in the steel and metallurgical coal sectors, benefiting ETFs that include U.S. steel producers and coke-linked mining companies [10]. - Notable ETFs include: - **State Street SPDR S&P Metals & Mining ETF (XME)**: AUM of $2.56 billion, up 38.6% year to date, with top holdings including Nucor Corp and Steel Dynamics [11][12][13]. - **VanEck Steel ETF (SLX)**: Net assets of $125.6 million, up 38.4% year to date, with major holdings in iron ore suppliers [14]. - **iShares U.S. Basic Materials ETF (IYM)**: Net assets of $125.6 million, up 15.8% year to date, featuring significant investments in Nucor and Steel Dynamics [15].

Core Viewpoint - The narrative surrounding Cleveland Cliffs is shifting, with a focus on improving auto demand and strategic partnerships rather than solely on rare earths [3][4]. Company Developments - Cleveland Cliffs has signed contracts with major OEMs for favorable pricing over the next two to three years, indicating a positive outlook for auto production, which constitutes one-third of their business [4]. - The company has entered a memorandum of understanding with an international steel company to leverage idle assets, which is seen as a significant development despite differing opinions on its impact [5]. - A recent order from the Department of War for $400 million of grain-oriented electrical steel is aimed at building a national strategic stockpile, highlighting the company's role in national security [11][12]. Financial Performance - Despite the stock experiencing a downturn, the company's EBITDA came in better than expected, suggesting underlying profitability even amidst negative gross margins [10]. - The stock's technical indicators, such as the 200-day moving average, are showing positive trends, indicating potential for recovery [6][7]. Market Sentiment - The stock was downgraded to underweight by Wells Fargo, citing excess exuberance, but there is a contrasting view that the current price presents a buying opportunity [2][3][7].

[Music] It is time. It's time for the light round. Bye bye bye bye bye bye bye bye bye bye bye bye jump play this out and then the lightning round is over.Are you ready. Ski dash the lightning round start with Arthur in California. Arthur >> booya Jim how are you.>> I am good Arthur. How you doing. >> Okay okay okay.uh a sec second time caller and a second year club member. >> All right. Thank you for I hope you be at the meeting tomorrow.>> Okay. Yes. Yes.Uh my wife and I we always get uh positive results ...

Market Overview - September is historically a weaker month, but the S&P 500 is at new highs, supported by banks, discretionary spending, and industrials [2][3] - There may be shifting macro winds globally, requiring attention to potential global growth reacceleration [3] Global Growth Indicators - Copper has broken out, and the Australian dollar is turning up, suggesting positive momentum for risk assets [4] - Commodity currencies like the Australian and Canadian dollars indicate positive economic momentum [4] - The material sector is only 2% of the S&P, and Chinese stocks and Nikkei have recently broken out, suggesting the global growth renition is still early [5] Sector Analysis and Investment Opportunities - Copper stocks (Freeport, Rio, Valet) and steel (Cleveland Cliffs) are showing signs of resurgence [7] - Consumer discretionary is performing well, indicating the resurgence in materials/commodities isn't at the expense of the consumer [8][9] - Power stocks (CEG, Vistra, GE Vernova) and AI-adjacent infrastructure stocks (Quanta) are recovering after a pause [9] AI and Power Sector - The AI power data center trade is back in gear after a 12-week pause [9][10] Federal Reserve Considerations - The potential impact of Federal Reserve (The Fed) actions on global growth, rates, and the dollar needs to be considered [6]