Nucor and Alcoa stocks are in the spotlight as U.S. tariffs take effect
The latest U.S. tariffs on steel and aluminum are already sending ripples through Wall Street, and putting major metal producers Nucor Corp (NYSE:NUE) and Alcoa Corp (NYSE:AA) in focus. President Donald Trump’s 25% tariffs on imported metals took effect Wednesday, sparking immediate retaliation from the European Union (EU) and market volatility. While Trump initially threatened to raise tariffs on Canadian steel and aluminum to 50%, he backed off after Ontario suspended its 25% surtax on U.S. electricity exports.
Nucor stock was last seen 0.6% lower at $129.12, pulling back from its premarket gain. Despite fears of a trade war and its impact on metal stocks, NUE has gained 10.6% year-to-date, with its 50-day moving average moving in as support.
Alcoa stock was up 2.7% at $32.82 at last glance. However, AA has struggled this year, down 13% year-to-date. Earlier this month, the stock hit its lowest level since early September, though today’s pop helped it reclaim its 10-day moving average.