The S&P 600 Small Cap Index popped right back up this week after selling off and landing on its intersecting 50- and 25-day moving average lines last Friday.
Despite the holiday-shortened week, it feels like a lot has happened at the macro level since last Thursday’s update.
At the top of the list is last night’s news that the U.S. Court of International Trade struck down Trump’s tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
These include the 10% baseline tariff, 20% incremental tariff on China and 25% tariff on non-USMCA compliant imports from Mexico and Canada. The ruling does not impact sectoral tariffs.
The court said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries, not the president. The Trump administration has already filed an appeal and the case could go to the Supreme Court.
There are other actions being contemplated by the administration to reassert authority over tariffs and use of non-tariff trade barriers, so this saga is far from over. For the moment, the market is reacting positively to the announcement. But expect more noise on the matter.
The market is also liking Nvidia’s (NVDA) better-than-feared earnings report after the close yesterday. And while the 10-year yield is still somewhat elevated at (roughly) 4.5%, it has come down from last week’s surge to 4.63%.
Turning to the Fed, the May FOMC minutes held few surprises as most members seem to be content to hold steady and let some of the noise from tariffs settle out. As of this morning the market is pricing in two 25 bps cuts this year, down from three just before the May meeting.
In short, the macro news from the week seems incrementally positive but there’s going to continue to be a lot of noise out there. Stocks are acting well in the face of it all, reflecting apparent recognition from the Trump administration that, despite what was said in April, they do watch and care about what the stock market does.
That’s a good thing.
Recent Changes
FTAI Infrastructure (FIP) Moves to Buy
Updates
Artivion (AORT) announced yesterday after the close that it has completed the previously announced $99.5 million convertible note for common stock exchange (discussed over the last two weeks). The stock has acted well this week, rising back to three-month highs near 30. Keep new positions small. BUY
AvePoint (AVPT) pulled back two weeks ago then found support near 18 and has acted better this week. No news. Management will present at three conferences in June. These are Baird (June 3), D.A. Davidson (June 10) and Northland (June 25). HOLD
Axogen (AXGN) is unchanged this week on no news, other than that management will present at the Goldman Sachs Global Healthcare Conference on June 11. Hopefully management will be able to speak to the current state of the business following higher-than-expected costs in Q1. Recall that management also gave reassurances on the earnings call that guidance for full-year revenue growth (+15% to 17%) and gross margin (73% to 75%) is intact. BUY HALF
Delcath (DCTH) pulled back this week from last week’s multi-year highs just above 18. Some of that strength was likely due to the May 22 press release stating that full-year 2025 revenue should be in the range of $94 to $98 million (consensus was $94.1 million). It also likely helped that HC Wainwright boosted its price target on shares from 24 to 29 on May 23. DCTH closed at 16.2 yesterday. BUY HALF
Enovix (ENVX) stock is up modestly this week on no stock-specific news. The company remains on track to launch with its first smartphone customer by the end of this year with first purchase order expected in the September to November time frame. There is a second smartphone customer in the pipeline as well. Management is also pursuing coating capacity and production for the Korean defense market, which could be supported by the newly acquired SolarEdge facility. HOLD
FTAI Infrastructure (FIP) stock continues a speedy recovery and is being upgraded to buy today. It’s not the only infrastructure stock on the move higher. Beyond strength in the group the news that Nippon Steel is expected to close the previously blocked deal to acquire U.S. Steel (X) at 55 per share is likely an incremental positive for FIP. The expectation is that FIP’s railroad business, which it purchased from U.S. Steel years ago and which continues to mostly transport U.S. Steel goods, will have a lot more flexibility to work with new customers. I’m very interested to hear from FIP management on this matter to get specifics of how it might help the company. BUY
Hannan Metals (HANNF, HAN.CA) shares continue to recover from the drawdown of a couple weeks ago. There has been no news. The first drill rig has been mobilized to the Belen prospect within the company’s 100%-owned Valiente copper-gold project in Peru and we should have results from the first few holes, hopefully, in June or early July. A second drill is expected to be brought in once more is learned about the targets. BUY
Natural Grocers (NGVC) stock has been a little messy this week with shares falling to their 50-day line on Tuesday before bouncing back somewhat throughout the day. There’s been no news, other than store and product-related promotions. NGVC can be volatile at times for a grocery store stock. BUY HALF
Perpetua Resources (PPTA) stock continues to act well as things are starting to come together after the U.S. Corps of Engineers issued the Clean Water Act Section 404 permit, which was the final federal permit for the Stibnite project. This week management announced it submitted a formal application to the Export-Import Bank of the U.S. for up to $2 billion (+$200K from the Letter of Interest from a couple of years ago) in debt financing to get the project going. This number was based off the financial update and basic engineering work completed in Q1 2025. On Wednesday, Perpetua announced it had been awarded $6.9 million in defense funding to be spent on feasibility testing to produce military-grade antimony from Stibnite. Perpetua has now been awarded over $80 million from the Department of Defense for the project. BUY HALF
Currently Open
| Ticker | Stock Name | Date Bought | Price Bought | 5/29/25 | Profit | Rating |
| AORT | Artivion | 6/5/24 | 23.3 | 29.7 | 27% | Buy |
| AVPT | AvePoint | 9/5/24 | 11.6 | 18.4 | 58% | Hold |
| AXGN | Axogen | 3/5/25 | 17.8 | 11.0 | -38% | Buy Half |
| DCTH | Delcath Systems | 2/6/25 | 16.3 | 16.3 | 0% | Buy Half |
| ENVX | Enovix | 10/6/22 | 20.4 | 8.17 | -60% | Hold |
| FIP | FTAI Infrastructure | 8/1/24 | 10.2 | 6.17 | -39% | Buy |
| HANNF | Hannan Metals | 5/1/25 | 1.03 | 0.83 | -19% | Buy |
| NGVC | Natural Grocers | 4/3/25 | 40.4 | 47.0 | 16% | Buy Half |
| PPTA | Perpetua Resources | 12/4/24 | 10.7 | 13.5 | 26% | Buy Half |
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