Stock Movers: Applied Digital Surges, Tesla Falls, Steelmakers Rise on Tariffs

Applied Digital's Surge on Lease Agreements

• 🚀 Applied Digital shares jumped as much as 45%, marking its largest intraday gain since September.
• 💡 This surge was driven by two new lease agreements with CoreWeave, a cloud services company.
• 📌 Under these agreements, Applied Digital will provide 250 megawatts of critical IT load for CoreWeave's AI and high-performance computing infrastructure at its North Dakota campus.

Steel and Aluminum Stocks React to Tariffs

• 📈 Steel Dynamics rose 10%, and other US-based steelmakers saw gains following President Trump's announcement of increased tariffs.
• 💰 The president stated the higher tariffs, increasing from 25% to 50% on steel and 25% on aluminum, are intended to protect American workers and spur domestic production.
• ⚠️ Construction companies have expressed concern that these levies will increase the cost of building materials.

Tesla's Sales Decline in France

• 📉 Tesla shares fell, ending the day down 1%, after reports of a significant drop in new-vehicle registrations in France.
• 🚗 The automaker sold only 721 cars in May, a 67% decrease from the previous year, reaching the lowest point since July 2022.
• 🗣️ This decline contrasts with CEO Elon Musk's recent assertion that the company had already recovered from its early-year sales slump, and with increased deliveries from competitors like Volkswagen and BMW.

Other Market Movers

• 🤝 Blueprint Medicine Corporation surged 26% on news that Seni plans to acquire the company for at least $9.1 billion to expand its rare immunological disease portfolio.
• ⚖️ DraftKings fell 6% after Illinois lawmakers proposed an increase in sports betting taxes, with potential implications for other states.
• 🤖 Advertising agencies, including Interpublic Group, saw declines as Meta plans to enable brands to fully create and target ads using AI by the end of next year.

Trade and Yields Update

• 🇨🇳 The US has extended the pause on tariffs on some Chinese goods until August 31st, amidst ongoing trade dispute discussions.
• 📊 Bond yields finished higher across the board, with the 2-year yield holding just below 4%, the 10-year yield at 44 basis points, and the 30-year yield at 49 basis points.