Trump Metals Tariff Sends Dow Down Triple Digits

The new steel and aluminum import tariffs are set to begin tomorrow

by Emma Duncan

Published on May 31, 2018 at 11:58 AM
Updated on May 31, 2018 at 12:03 PM

The Dow Jones Industrial Average (DJI) is wallowing in red ink at midday, after the Trump administration said it will impose tariffs of 25% and 10% on steel and aluminum imports, respectively, coming from Mexico, Canada, and the European Union, effective tomorrow. All three have indicated retaliatory tariffs against U.S. exports. Fears of a trade war are weighing on the S&P 500 Index (SPX), too, though the Nasdaq Composite (IXIC) is clinging to a modest gain at last check. Nevertheless, the DJI, SPX, and IXIC are all pacing for big May returns.

Continue reading for more on today's market, including:

  • This drug stock has more than doubled today.
  • Why Sears stock is headed toward its worst week since January.
  • Plus, AK Steel sees unusual options trading; J.Jill jumps to the top of the Big Board; and Dollar Tree drops.

Midday Market Stats May 31

Steelmaker AK Steel Holding Corporation (NYSE:AKS) is seeing a surge in options volume today, with roughly 67,000 calls traded so far -- 16 times the intraday norm. Seeing notable action are the front-month June 4.50 and 5 calls -- pulling in more than 50,000 contracts combined -- due in part to a potential bullish roll. AKS is 1.9% higher to trade at $4.67, soaring in response to the White House's steel tariff announcement, but remains down 23% year-over-year.

One of the top performers on the New York Stock Exchange (NYSE) is retailer J.Jill Inc (NYSE:JILL), with the stock gapping higher after the company reported first-quarter profit and revenue beats, as well as an unexpected rise in same-store sales. JILL stock is up 22% at $7.57, pacing towards its first-ever close above the 200-day moving average. JILL has gained 51% over the past month. 

Daily Chart of JILL with 200MA

One of the Nasdaq's worst performers today is Dollar Tree, Inc. (NASDAQ:DLTR), after the company reported a first-quarter same-store sales miss, and a surprising drop in comparable sales at its Family Dollar stores. The discount retailer also lowered its annual profit forecast. DLTR stock is 11.4% lower at $85.32, and is now down more than 20% year-to-date. 


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