Kim Kahn

And steel and aluminum names including Nucor, Cleveland Cliffs, ArcelorMittal, and Alcoa are under pressure after the Wall Street Journal reported that finished products containing imported steel and aluminum would face a 25% tariff.

The tariff would apply to the entire value of derivative products containing those metals, replacing the current structure that applies duties only to the value of steel or aluminum components.

Looking to the economy, with the official March jobs report arriving on Good Friday, a market but not federal holiday, Challenger's report showed an uptick in hiring plans.

Employers announced 32,826 planned hires in March, up 157% from February and 149% from a year earlier.

Still announced hiring plans for 2026 total 50,887 through March, down 6% from the same period in 25.

In other news of note, McDonald's is expanding its value offerings as it looks to win back budget-conscious consumers.

Beginning in April, the chain plans to roll out menu items priced at $3 or less, alongside a $4 breakfast deal and lunch and dinner meal bundles starting at $5.

Under $3 breakfast options include the Sausage McMuffin, Sausage Biscuit, Sausage Burrito, Hash Browns, and Medium McCafe Premium Roast Coffee.

Lunch and dinner items at the price point include the McChicken, McDouble, 4-Piece McNuggets, Small Fries, and a Medium Soft Drink.

The company is also bringing its meal deal back to breakfast.

And in the Wall Street Research Corner, B of A's equity team is flagging stocks that hedge funds are heavily shorting.

Those stocks could be candidates for a short squeeze if there's positive fundamental news.

The names include Moderna, Supermicrocomputer, Best Buy, Skyworks Solutions, and Coinbase.

Check out the full list in the story on Seeking Alpha.

That link will be in show notes.

Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon.

Today is Tuesday, March 31st, and I'm your host, Kim Kahn.

Our top story so far, hot sauce meets mayo.

McCormick confirmed it reached an agreement to combine with Unilever's foods business, excluding India and other certain operations.