More tariffs are coming. Freeport McMoran (FCX) is up 4% not far from a 52 week high as President Trump will impose 50% tariffs on imported copper to boost US production for the critical metal for electric vehicles, military, power grid and consumer goods. Freeport-McMoRan, the largest U.S. copper producer.

Profit-taking in the banks. The big banks have performed well since passing their annual stress tests, but the stocks are lower on downgrades more due to valuations. JP Morgan (JPM) is down 3% while Bank of America (BAC) is lower by nearly 3%. Both banks will report earnings next week.

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