On Thursday, the markets fell after the Trump administration said tariffs on steel and aluminum imports from Canada, Mexico and the European Union will take effect at midnight tonight. The Dow at one point was down nearly 300 points. One sector benefiting from the news was steel, including Nucor Corp. (NUE) - Get Report

(Nucor is a holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells NUE? Learn more now.)

Shares of General Motors (GM) - Get Report  soared when its self-driving unit received a $2.25 billion investment from SoftBank Vision Fund.

Meanwhile, Sears Holdings (SHLD)  said Thursday it would shutter another 72 stores following a significant first quarter loss.

Also, the Commerce Department said consumer spending in April gained 0.6%, and that the personal consumption expenditures price index was up 0.2%.

Here are three top takes from the columnists of Real Money and Real Money Pro, our premium sites for Wall Street professionals and active investors:

Jim Cramer: Dick's Sporting Goods Has the Winning Game Plan for Retailers

"Can a stock rally 25% in a day without getting a takeover bid?," asks TheStreet's Jim Cramer. "Yes, if it's Dick's Sporting Goods (DKS) - Get Report  and the company's finally hitting not on all, but enough cylinders to cause the shorts to cover and the longs to go nuts with the stock of this once white-hot retailer."

"If you don't know Dick's," Cramer adds, "you have missed out on one of the great shopping stories of a generation."

Let's Get Ready to Rumble: How to Play Steel and Aluminum Tariffs

Real Money columnist Stephen Guilfoyle notes that, "Word is that the United States now plans to allow the European Union's exemption to President Trump's announced 25% tariff on imported steel, and 10% tariff on imported aluminum, to lapse. Keep in mind that this is the Trump administration. What does that mean? Simply put, this means to me that the situation remains fluid until it does not. Plans often change, and negotiations on leveling playing fields may continue even as tariffs are imposed. Perhaps that is just the leverage that the president is looking for."

Don't Say Arrivederci to Italy Just Yet

"Italy boasts the third largest economy in the European Union, so you can understand why political controversy and uncertainty would send shock waves through financial markets, " says Real Money Pro columnist Ed Ponsi.

"However, there is more going on here than meets the eye. Prior to this political drama, the euro had fallen against the U.S. dollar for six consecutive weeks. What does this tell us about the Italian political drama? It's only one piece of a puzzle, and it might not be as important as we're led to believe," observes Ponsi. 

4 Top Experts Tell You How to Play the Market. TheStreet's Scott Gamm recently sat down with top market watchers from Bank of America, Fisher Investments, Invesco and Wells Fargo. Clickhere and register to watch a free roundtable in which they lay out their best advice.