Latest news with #Cleveland-Cliffs
Yahoo
14 hours ago
- Business
- Yahoo
Why Cleveland-Cliffs Inc. (CLF) Skyrocketed On Monday
We recently published a list of . In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other top-performing stocks on Monday. Cleveland-Cliffs snapped a two-day losing streak on Monday, surging 23.16 percent to end at $7.18 apiece as investors flocked to US steelmakers following President Donald Trump's new tariff bomb. On Friday, Trump said that he would impose a 50-percent tax on steel and aluminum imports effective tomorrow, June 4. The new levies followed his accusation against China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals. A welder in a hardhat soldering steel plates to a blueprint plan. The US Midwest duty-paid aluminum premium AUPc1 surged by 54 percent or $0.58 per lb to $1,279 per metric ton on Monday, while US hot rolled coil steel increased by 7.4 percent. The imposition of new duties on imported steel and aluminum products makes domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to investors as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers. Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17 hours ago
- Business
- Yahoo
Why Cleveland-Cliffs Inc. (CLF) Skyrocketed On Monday
We recently published a list of . In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other top-performing stocks on Monday. Cleveland-Cliffs snapped a two-day losing streak on Monday, surging 23.16 percent to end at $7.18 apiece as investors flocked to US steelmakers following President Donald Trump's new tariff bomb. On Friday, Trump said that he would impose a 50-percent tax on steel and aluminum imports effective tomorrow, June 4. The new levies followed his accusation against China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals. A welder in a hardhat soldering steel plates to a blueprint plan. The US Midwest duty-paid aluminum premium AUPc1 surged by 54 percent or $0.58 per lb to $1,279 per metric ton on Monday, while US hot rolled coil steel increased by 7.4 percent. The imposition of new duties on imported steel and aluminum products makes domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to investors as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers. Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Business Recorder
a day ago
- Business
- Business Recorder
Wall Street mixed after Trump's steel tariff threat
NEW YORK: Wall Street's main indexes were mixed on Monday after President Donald Trump said he plans to double tariffs on imported steel and aluminum, fueling more uncertainty around US trade policies. Trump said late on Friday he planned to increase tariffs on imported steel and aluminium to 50% from 25% starting Wednesday, just hours after he accused China of violating an agreement. Shares of US steel companies rose, with Cleveland-Cliffs jumping 23.6%, Nucor up 9.2% and Steel Dynamics 10.1% higher. However, shares of automakers fell. Ford was down 4.3% and General Motors was 4.7% lower. 'It's the continued uncertainty, not knowing whether the trade war is on or it's off,' said Sam Stovall, chief investment strategist at CFRA Research. 'Something new gets added, something gets postponed, so essentially it is that uncertainty reigns.' The increased levies risk deepening Trump's global trade war, and dousing enthusiasm in markets stemming from the US president's softer trade stance that drove a recovery in risky assets last month. A temporary relief on some levies on China and a rollback of steep tariff threats on the European Union, along with strong earnings and improving economic picture helped the benchmark S&P 500 log its best monthly performance in 18 months in May. Also fueling risk-off moves in global markets, Kyiv struck some of Moscow's nuclear-capable bombers on Sunday, renewing concerns around further escalation of the war. At 11:49 a.m. ET, the Dow Jones Industrial Average fell 196.92 points, or 0.47%, to 42,073.15, the S&P 500 lost 9.21 points, or 0.16%, to 5,902.48 and the Nasdaq Composite gained 17.73 points, or 0.09%, to 19,131.49. Seven of the 11 major S&P 500 sub-sectors fell, with consumer discretionary declining the most with a nearly 1% fall. On the flip side, energy rose over 1% tracking a rise in oil prices. US-listed energy stocks advanced after producer group OPEC+ kept output increases in July at the same level as the previous two months. Most megacap and growth stocks fell, with Tesla, down 2.8% after it reported lower monthly sales for Portugal, Denmark and Sweden. Google-parent Alphabet also lost 1.7%. The Institute for Supply Management's (ISM) survey showed US manufacturing contracted for a third straight month in May and suppliers took longer to deliver inputs amid tariffs, potentially signaling looming shortages of some goods. Dallas Federal Reserve Bank President Lorie Logan said that with the labor market stable, inflation running somewhat above target and the outlook uncertain, the central bank is keeping a watchful eye on a broad range of data to judge what response might be needed, and when.
Yahoo
a day ago
- Business
- Yahoo
S&P closes higher on trade hopes, Nvidia lifts Nasdaq
STORY: U.S. stocks closed higher on Monday, with the Dow just nudging into the green, the S&P 500 rising four-tenths of a percent and the Nasdaq adding two-thirds of a percent. Investors by the end of the session shrugged off President Donald Trump's latest salvo to double tariffs on imported steel and aluminum to 50%. But Sam Stovall, chief investment strategist at CFRA Research, thinks that despite months of flip-flopping on trade policy, Trump this time should be taken at his word. "I think the 50% tariff placed on steel and aluminum is not just rhetoric, it's reality. It is something that is going to last possibly through the entire Trump administration. Our Washington analysis political strategy arm believes that what the administration is trying to do is to drive new capacity within the U.S. for both steel and aluminum production, rather than simply trying to use this as a negotiating ploy." Shares of U.S. steel companies rose, led by Cleveland-Cliffs, which surged 23%. Other steel-makers also gained, including Nucor and Steel Dynamics. But shares of automakers dropped, with Ford closing down almost 4% and General Motors also falling by a similar percentage. The Nasdaq got a boost from shares of Nvidia as well as shares of Meta, which gained more than three-and-a-half percent. And shares of Tesla lost ground after the EV maker reported lower monthly sales for Portugal, Denmark and Sweden. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
International Business Times
a day ago
- Business
- International Business Times
Wall Street Slips as Trump Doubles Down on Steel Tariffs, Markets React Cautiously
Wall Street started the week lower, pulling back from recent gains that followed a more conciliatory tone on trade last month. The pullback followed a shock announcement from US President Donald Trump that he would double tariffs on imported steel and aluminum. The shift rekindled trade tensions that had eased for a while and overshadowed optimism from earnings and economic data of late. Markets jumped just last week when the threat of higher tariffs was eased and corporate results came in better than expected, lifting the S&P 500 to its best monthly gain in 18 months. But that tone changed dramatically on Monday. Speaking Friday night, Trump said tariffs on imported steel and aluminum would jump to 50% on Wednesday. His comments came in the wake of accusations that China violated trade agreements. The steelmaker stocks soared on the policy change. Cleveland-Cliffs surged 28.3%; Nucor advanced 11.5%; and Steel Dynamics rose 11.3%. Those gains were a result of investors betting on U.S. steel producers to report expanded profitability. On the other hand, automakers performed worse. Shares of Ford and General Motors each fell more than 4%, in a sign that concerns about elevated raw materials costs remain. Analysts say the tariff increase injects fresh uncertainty into global trade, raises the risk of disruptions to investment and supply chains, and, by contributing to a high-stakes U.S.-China standoff, threatens growth in both countries and the rest of the world. Peter Andersen, founder of Andersen Capital Management, said that People have been thinking about that (steel tariffs) and trying to formulate the economic impact. It presents the markets with a lot of uncertainty right now." The Dow Jones Industrial Average fell 208 points, or 0.49%, to 42,061.61. The S&P 500 fell 15.78 points, or 0.27 percent, to 5,895.91. The Nasdaq Composite slipped 10.10 points, or 0.05 percent, to 19,103.67. Nearly every sector in the S.&P. 500 ended trading in negative territory, with consumer discretionary stocks down almost 1 percent. Energy shares provided modest support for the broader market. The energy sector climbed 0.8% as oil prices rose on news OPEC+ was likely to refrain from increasing output in July. Energy firms listed in the United States followed that gain, helping to cushion losses elsewhere. Geopolitical tensions erupted at other places too. According to reports, Kyiv targeted Russian bombers with the capability of being fitted with nuclear weapons, once again stoking fears of an escalation of the conflict. This added to an overall global risk-off mood. Tesla, meanwhile, was the biggest drag on growth stocks with a 2.5% fall after it posted lower monthly sales in some European countries. Other tech and growth names similarly slipped. Economic reports contributed to worries as well. The Institute for Supply Management said that the manufacturing index was at 48.5 for May, below the anticipated 49.3. Reading below 50 indicates contraction, raising concerns about factory activity. Now, eyes are turning to Federal Reserve Chair Jerome Powell, who is due to speak later Monday. Investors will be reading the tea leaves for clues about future interest rate moves. A critical nonfarm payrolls report later in the week will offer additional insight on the labor market's health. On the New York Stock Exchange, declining stocks outnumbered advancers by nearly two to one. On the Nasdaq, that ratio stood at 1.43 to one. The Nasdaq saw 51 new highs and 63 new lows, while the S&P 500 recorded 10 new highs and four lows.
