CLF is pacing for its best day since 2016
Cleveland-Cliffs Inc (NYSE:CLF) and Steel Dynamics Inc (NASDAQ:STLD) shares are surging today, after President Donald Trump announced plans over the weekend to double steel tariffs to 50% from 25%, effective Wednesday. The move added to global trade tensions weighing on the broader market today.
CLF is up 27.8% to trade at $7.43 at last check, set to snap a seven-day losing streak with its best single-day percentage gain since 2016. The stock is bouncing off Friday's four-year low of $5.63 as it tests resistance at the 20-day moving average, down 21.2% year-to-date.
STLD was last seen up 11.3% at $136.89, trading at its highest level since December and pacing for its first daily gain over the last four sessions. The security is on track for its best day since November and earlier gapped above overhead pressure at the $40 region, which capped rallies in February and May. For 2025, the shares now sport a healthy 20.1% lead.
In the options pits, STLD is seeing 5 times the overall options volume typically seen at this point in the session, while CLF's is running at 11 times the intraday average. The most active contract for the former is the June 135 put, where positions are being sold to open, and for the latter it's the June 8 call.