The stock markets are experiencing downward pressure due to tariff-related uncertainties between the U.S. and China, causing a reversal in earlier gains for technology stocks. Despite a positive performance in May, the S&P 500 and other indices are currently down, with the 10-year Treasury yield rising slightly. The Trump administration has increased tariffs on steel imports, benefiting U.S. steelmakers and leading to significant gains in steel stocks. This indicates sector-specific resilience amidst broader market challenges.
The overwhelming sentiment among traders and investors is one of tariff-war uncertainty amid rising tensions between the White House and China over a previously reached short-term tariff agreement.
Despite the tariff uncertainty, the markets quietly moved higher last month. May witnessed the tech-heavy Nasdaq Composite advance over 9%, while the S&P 500 and Dow Jones Industrial Average climbed higher by 6% and 4%, respectively.
Steel stocks are bucking the downward trend in today's markets. The Trump administration announced a doubling of tariffs on steel imports to 50%, a move directly benefiting U.S. steelmakers.
Today, Cleveland-Cliffs is soaring over 22%, Steel Dynamics is up 13.4%, and Nucor has climbed 11.7%. This sector-wide rally is pushing the markets in an otherwise tough environment.
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