What an energy story does to a valuation: Energy prices sit in the cost line of most industrials and in the revenue line of producers, so the same move tends to push the two in opposite directions.

No reviewed explanation for this kind of story, so we offer none.

What a rates story does to a valuation: Rates feed straight into a discounted cash flow: a higher discount rate lowers what any future stream of cash is worth today, and the effect is largest for companies whose profits sit furthest out.

What an energy story does to a valuation: Energy prices sit in the cost line of most industrials and in the revenue line of producers, so the same move tends to push the two in opposite directions.

What a trade story does to a valuation: A tariff is a cost that has to land somewhere — on the importer's margin or on the customer's price — and which of the two absorbs it is what decides whether it shows up in a company's margins or in its volumes.

No reviewed explanation for this kind of story, so we offer none.