Tuesday's big stock stories: What’s likely to move the market in the next trading session

This reads as a factor unwind more than a clean fundamentals call. The sharp drawdown in momentum-heavy holdings suggests the market is de-leveraging crowded exposures, so the better expression is to own low-headline-beta names with dispersion upside rather than chase whichever sector had the best 3-month tape. In that regime, GS and SCHW benefit if volatility stays elevated and credit remains orderly, while GM, BA, NOC and FDX are more vulnerable to policy noise because their margins and multiples are tied to supply-chain continuity and predictable routing/capex.

The tariff headline is more important as a signal than as an immediate earnings event. If Canada-targeted levies broaden or linger, the second-order impact is rerouting and substitution: importers will source from Asia or domestic substitutes, which tends to raise inventory costs, freight miles, and working-capital needs before it shows up in reported revenue. That is a near-term headwind for FDX and GM, while MMM is comparatively better insulated because pricing and mix can offset part of the shock; the risk is that a broader trade escalation eventually hits industrial volumes and makes the whole rotation trade lower-quality.

Contrarian view: the market may be overpaying for the “everything but tech” narrative after a few strong relative moves. AAPL and META still have durable earnings power, so this is not an outright tech break; it is a breadth/positioning problem. If MTUM stabilizes, the rotation trade likely fades quickly; if it keeps breaking down, the next leg is a factor unwind rather than a sector story.