Check out some of the stocks making the biggest moves in midday trading. Chip plays – The VanEck Semiconductor ETF (SMH) rebounded more than 2% after two days of declines as investors rotated back into chips. Lam Research shares gained 8%, while ASML and Applied Materials jumped 6%. Intel — Shares popped nearly 10% after President Donald Trump posted a flattering message about Intel on social media following his meeting with CEO Lip-Bu Tan. “The U.S. government is proud to be a Shareholder of Intel, and has already made, through its U.S.A. ownership position, Tens of Billions of Dollars for the American People — IN JUST FOUR MONTHS,” Trump wrote on Truth Social. Cleveland-Cliffs — The steel producer rallied nearly 6% after Morgan Stanley upgraded the stock to overweight from equal weight. “Cleveland-Cliffs is especially well positioned, in our view, as the only domestic producer capable of true transformation,” the bank said in a note. Homebuilders, building materials — Stocks rallied after mortgage rates dropped to the lowest in almost three years and Trump ordered purchases of $200 billion in mortgage bonds to further pressure rates. The iShares U.S. Home Construction ETF (ITB) jumped 5%, Builders FirstSource climbed more than 11% and D.R. Horton and PulteGroup rose more than 6% each. Home Depot added almost 4%. Lockheed Martin — Shares of the defense contractor popped 4% after Truist upgraded shares to buy from hold. The firm’s new price target of $605 implies 17% upside from Thursday’s close. Defense plays — Stocks tied to aerospace and the military rose for a second day, as the iShares U.S. Aerospace & Defense ETF (ITA) added 2%. Earlier this week, Trump called for a $1.5 trillion military budget in 2027, sending the stocks higher. Northop Grumman jumped about 4%, L3Harris advanced 2%. Vistra , Oklo — The nuclear power companies jumped 11% and 9%, respectively, after striking deals to power Meta’s AI ambitions . Southwest Airlines — The airline climbed nearly 4% after an upgrade to overweight from underweight at JPMorgan. The bank also lifted its price target to $60 from $36, a new JPM note to clients showed. WD-40 — Shares tumbled almost 4%. Earnings per share in the first quarter came in at $1.28, down 8% from the year-ago period. The chemical maker reaffirmed 2026 guidance for net sales growth and earnings per share. General Motors — Shares fell more than 3% after the Cadillac and Buick parent said late Thursday it would take $7.1 billion in special charges in the fourth quarter, citing a restructuring in China and weaker demand for electric vehicles. GM report its fourth-quarter earnings on Jan. 27. — CNBC’s Fred Imbert and Scott Schnipper contributed reporting.