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KALU News
KALU Events
Canada Raises Tariffs on U.S. Steel and Aluminum to 50%
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.RETALIATORY TARIFFS:Canada is matching Trump's weekend tariff escalation with a sweeping package of counter tariffs that directly targets U.S. steel, aluminum and downstream manufacturing. Prime Minister Mark Carney will double Canada's existing counter-tariffs on U.S. steel and aluminum to 50%, while adding new 50% duties on U.S. furniture, clothing, electronics, smartphones, and gaming consoles. Overall, the retaliatory levies cover roughly $20B in annual imports. The measures take effect on September 8 and represent a sharp reversal in Carney's earlier conciliatory stance after trade talks between Canada and U.S. collapsed on Friday. Publicly traded companies in the space include ArcelorMittal, Cleveland-Cliffs, Nucor, Steel Dynamicsand U.S. Steel. Publicly traded companies in the aluminum space include Alcoa, Kaiser Aluminum, Rio Tinto, Century Aluminum, and Constellium.DEPUTY ROLES:The Department of Health and Human Services is planning to create two new deputy commissioner roles at the Food and Drug Administration, one of which would focus on technology and the intersection of health and artificial intelligence, CNBC's Annika Kim Constantino. The other new position is for a deputy commissioner for drugs, according to two sources familiar with the plan. Publicly-traded companies operating in the space include Pfizer, Merck, Bristol Myers, Eli Lilly, AbbVie, Amgen, Medtronic, Abbott, Boston Scientific, Stryker, Intuitive Surgical, GE HealthCare, Teladoc, and Oracle.U.S.-IRAN:In a post on Truth Social, President Trump stated, "The failing Islamic Republic of Iran is not paying large segments of their military, while at the same time killing protesters, even when they are not protesting, at levels not seen before. It is a humanitarian crisis of epic proportions, and must be stopped, NOW."
Canada Imposes 50% Tariffs on U.S. Steel and Aluminum
Canada is matching Trump's weekend tariff escalation with a sweeping package of counter tariffs that directly targets U.S. steel, aluminum and downstream manufacturing. Prime Minister Mark Carney will double Canada's existing counter-tariffs on U.S. steel and aluminum to 50%, while adding new 50% duties on U.S. furniture, clothing, electronics, smartphones, and gaming consoles. Overall, the retaliatory levies cover roughly $20B in annual imports. The measures take effect on September 8 and represent a sharp reversal in Carney's earlier conciliatory stance after trade talks between Canada and U.S. collapsed on Friday. Publicly traded companies in the space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X). Publicly traded companies in the aluminum space include Alcoa (AA), Kaiser Aluminum (KALU), Rio Tinto (RIO), Century Aluminum (CENX), and Constellium (CSTM).
U.S.-Canada Tentative Trade Agreement Cuts Steel and Aluminum Tariffs to 25%
The tentative trade agreement between the U.S. and Canada would cut tariffs on certain Canadian exports of steel and aluminum to 25%, Bloomberg's Josh Wingrove, Jennifer Douhy, and Alicia Diaz report, citing people familiar with the matter. Details have yet to be finalized and are not anticipated to apply across the board, and different rates could apply to certain derivative products that include such metals, the authors note. Publicly traded companies in the steel space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X). Publicly traded companies in the aluminum space include Alcoa (AA), Kaiser Aluminum (KALU), Rio Tinto (RIO), Century Aluminum (CENX), and Constellium (CSTM).
Nasdaq Composite Declines as Tesla Earnings Weigh
Despite the third consecutive session of gains by Semiconductors, Nasdaq Composite was the worst performing major index, ending the day near session lows below the 25,700 level. Losses among key software names as well as new low in SpaceX, down another 7%, weighed on the tech-heavy index. In the benchmark S&P 500 Utilities was the best performing sector, followed closely by Basic Materials which benefited from a bounce in precious metal space. Communication Services was the worst performing sector as Google fell 1.5% and Meta declined nearly 3%.In the opening hour of the evening session, equity futures remain on the back foot as S&P 500 e-minis falls 0.3% and Nasdaq 100 contract is down by 0.5%. Sentiment is pressured by earnings reports from Tesla, which fell over 4% on Q2 earnings miss and reiterated expectations of climbing capital expenditures, as well as Alphabet, down 3% - where selling was similarly driven by higher capex forecasts. Also reporting results was IBM, though despite the cut in its revenue growth guidance, the stock is flat, having found support after the pre-announcement earlier this month that yielded a 25% selloff.In commodities, WTI crude oil remains bid near the $88 per barrel level, with tensions in the Middle East not showing any signs of letting up. Gold and silver traded higher for the third consecutive day, rising above $4,170 and $59 per ounce levels.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Medpace Holdingsup 18.3%United Rentalsup 8.7%Kaiser Aluminumup 5.6%ServiceNowup 5.1%CSX Corporationup 4.4%DOWN AFTER EARNINGS -Rollinsdown 15.5%Molina Healthcaredown 9.4%Las Vegas Sandsdown 5.4%Tesladown 4.6%Alphabetdown 3.4%Texas Instrumentsdown 3.1%Knight-Swift Transportationdown 1.5%AvalonBay Communitiesdown 1.4%IBMdown 0.4%
Company Reports Q2 Revenue of $1.3B, Exceeding Expectations
Reports Q2 revenue $1.3B, consensus $1.08B. "Our record second quarter results reflect the continued strength of our end-market positioning, disciplined execution and the benefits of our strategic initiatives," said Keith A. Harvey, Chairman, President and Chief Executive Officer. "Higher-value packaging mix, improving aerospace demand, favorable scrap spreads and strong customer activity drove meaningful EBITDA growth, supported by metal lag tailwinds. While we expect aluminum price dynamics to normalize over the balance of the year, our underlying operations remain strong, and we are raising our full year outlook based on continued confidence in the business."
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