Midday Fly By: Minnesota CEOs call for deescalation, Nvidia invests in CoreWeave

The major averages were broadly higher near noon following last week’s losses. Traders are bracing for another week of corporate earnings reports, including from big names Microsoft, Apple, and Tesla, as well as the latest Federal Reserve interest rate decision slated for later this week.

Meanwhile, investors are also monitoring even more tariff news, as President Trump over the weekend threatened 100% tariffs on all Canadian goods and products if the country reaches a trade agreement with China, though Prime Minister Mark Carney said that Canada has “no intention” of pursuing such a trade deal. Additionally, rising tensions in Minnesota remain in focus following another fatal shooting of a U.S. citizen by an ICE officer over the weekend. Amid all the news coming out of the state, a group of more than 60 CEOs of Minnesota-based companies called for an “immediate deescalation of tensions.”

Looking to commodities, gold continues to soar to record highs, surpassing the $5,000 mark for the first time. Oil prices were lower near noon, meanwhile, as traders await more news coming out of Venezuela.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• A group of more than 60 CEOs of Minnesota-based companies, including 3M (MMM), Target (TGT), UnitedHealth (UNH), and Best Buy (BBY), called for an “immediate deescalation of tensions” in the state
• Nvidia (NVDA) is investing $2B in CoreWeave (CRWV)
• USA Rare Earth (USAR) entered into a non-binding Letter of Intent with the U.S. government for access to $1.6B in funding
• Merck (MRK) is no longer in talks to acquire Revolution Medicines (RVMD), WSJ reports
• IonQ (IONQ) agreed to acquire SkyWater Technology (SKYT) for $35 per share in cash and stock

2. WALL STREET CALLS:

• Meta Platforms (META) upgraded to Buy at Rothschild & Co Redburn
• Cisco (CSCO) upgraded to Outperform at Evercore ISI
• BTIG initiated coverage of Fannie Mae (FNMA) and Freddie Mac (FMCC) with Buy ratings and $20 price targets
• Varonis (VRNS) downgraded to Equal Weight from Overweight at Morgan Stanley
• Piper downgraded IO Biotech (IOBT), sees no assurance strategic alternatives process will pan out favorably

3. AROUND THE WEB:

• A foreign investment fund is in advanced talks to acquire Israeli medical aesthetics firm InMode (INMD) for about $1.1B, or a 25% premium to its $882M valuation, which would result in the company being delisted, Calcalist reports
• Google (GOOGL) has acquired Common Sense Machines, which offers AI models that create 3D assets from 2D images, The Information says
• Meta’s (META) decision to deprioritize VR in favor of AI and internet-connected glasses has chilled the VR industry, leading to concerns about its future, CNBC reports
• Some LVMH (LVMUY) shareholders are looking for clarity on how and to whom CEO Bernard Arnault plans to hand over leadership of the company, Reuters says
• Snowcap Research is short Patria Investments (PAX) as its investigation suggests the company may be overstating performance and concealing losses within its flagship private equity and infrastructure funds

4. MOVERS:

• Land’s End (LE) higher after announcing an agreement with WHP Global to form a new joint venture
• Tronox (TROX) increases after providing Q4 guidance and announcing the closure of its pigment plant in China
• Sarepta (SRPT) gains after reporting topline three-year EMBARK results for Elevidys
• Satellogic (SATL) falls after pricing 7.4M shares at $4.73 in registered share offering
• BlackRock TCP Capital (TCPC) lower after providing guidance for Q4

5. EARNINGS/GUIDANCE

• Steel Dynamics (STLD) reported Q4 results, with EPS beating consensus
• Bank of Hawaii (BOH) reported Q4 results, with CEO Peter Ho commenting, “Bank of Hawai’i completed 2025 with strong financial performance”
• Velocity Financial (VEL) provided guidance for Q4 and FY25
• Trade Desk (TTD) reaffirmed its guidance for Q4
• Lakeland Financial (LKFN) reported Q4 results, with CEO David Findlay commenting, “The Lake City Bank team produced a very strong fourth quarter with exceptional performance metrics”

INDEXES:

Near midday, the Dow was up 0.32%, or 155.73, to 49,254.44, the Nasdaq was up 0.67%, or 157.46, to 23,658.71, and the S&P 500 was up 0.56%, or 38.67, to 6,954.28.