SLX

VanEck Steel ETF

Oil rebounded on strong demand signals and easing trade tensions, boosting XOP and SLX while pressuring XRT, CRAK, JETS, and GDX.

U.K. Prime Minister Keir Starmer’s spokesperson, Tom Wells, told reporters that the country is working with the Trump administration to avoid higher tariffs on steel “as soon as possible.”

Nippon Steel finalized its acquisition of U.S. Steel, pledging $11 billion in U.S. investments. The deal preserves American jobs, leadership, and operations under a national security agreement with government oversight.

Financial markets were sent reeling after Trump announced reciprocal tariffs against U.S. trading partners.

As Steel Dynamics has outpaced its industry peers recently, analysts remain highly optimistic about the stock’s prospects.

Despite lagging the broader market over the past year, Nucor still holds Wall Street’s attention, with analysts being reasonably upbeat about its future prospects.

Steel Dynamics has lagged the broader market over the past year but has outpaced this year with an impressive performance. So, Wall Street analysts maintain a fairly optimistic stance on its future outlook.

The steel industry in the U.S. is reeling under the impact of weak demand and lower prices.