Sector: Basic Materials
The first-quarter earnings season is nearly over, and most steel companies have released their quarterly earnings results.
Last week, US President Donald Trump exempted Canada and Mexico from the Section 232 steel and aluminum tariffs.
Last week, President Trump made two decisions that might not sit well with US steel companies.
For the second quarter, SHW declared a dividend of $1.13 per share, a ~31.4% increase year-over-year.
In the first quarter, Barrick Gold's (GOLD) AISC (all-in sustaining costs) rose 2.3% YoY (year-over-year) to $825 per ounce despite higher volumes.
US steel and iron ore stocks were in the red today in the early trading hours. As of 10:30 AM ET, U.S. Steel (X), AK Steel (AKS), Nucor (NUE), and Cleveland-Cliffs (CLF) were down 1.6%, 0.43%, 1.1%, and 0.5%, respectively.
In a press release on May 14, Air Products and Chemicals' (APD) board announced its regular quarterly cash dividend for the second quarter of 2019.
As the US-China trade war has seen a new round of escalations with the United States and China raising tariffs on each other’s goods, metal and mining stocks have especially come under pressure.
The US-China trade war just got more dangerous. After some optimism last week with the two sides appearing to approach some sort of agreement, markets seem to have now lost all hope.
US equity markets are deep in the red today, and the S&P 500 (SPY) is down 2.4% as of 12:10 PM ET. The SPDR S&P Metals and Mining ETF (XME) is underperforming the broader markets and has lost 4.4%.