A huge day and week for Corning as the S&P 500 approaches another record high
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- Corning was the portfolio's biggest gainer Friday and rallied roughly 18% for the week, climbing about 13% above its pre-earnings level after the Trump Administration announced a 15% tariff and minimum import price on imported polysilicon effective Dec. 4.
- The polysilicon tariff directly benefits Corning through its Hemlock Semiconductor joint venture with Japan's Shin-Etsu Handotai, which operates one of only two polysilicon plants in the United States, with the order aimed at protecting domestic industry from Chinese competition.
- Jim Cramer's Charitable Trust bought back slightly more than half of the Corning shares it had sold above $200 in June, capitalizing on the rebound from last Tuesday's initially poorly received earnings report.
- U.S. nonfarm payrolls fell by 23,000 in July — the first monthly decline since February and well short of the 83,000 Dow Jones consensus, with negative revisions of 103,000 jobs over the prior two months (some noise likely tied to FIFA World Cup employment).
- The S&P 500 was on pace for a record close with a roughly 3.5% weekly gain, while the Nasdaq Composite remained about 1.5% below its June 2 record close.
- Odds of a Federal Reserve rate hold at September's meeting jumped to 55% (from 45% Thursday and 33% one week ago per CME FedWatch), driving a small dip in Treasury yields as markets digested the weak jobs data.
- CPI and PPI reports due next Wednesday and Thursday could shape monetary policy expectations ahead of the Federal Reserve's Jackson Hole Economic Policy Symposium later this month.
Why it matters: The 15% polysilicon tariff rewards Corning's domestic supply chain via its rare U.S.-based Hemlock JV, while the surprise 23,000 drop in July payrolls repriced September Fed hold odds to 55% from 33% a week earlier — a double tailwind that powered Corning's 18% weekly rally and the broader record-close run.
