Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.1%), and DJIA (-0.3%) are now lower across the board as the early broad weakness now outweighs some lingering strength in semiconductor stocks.

Nucor (NUE 251.59, -13.55, -5.11%) and Steel Dynamics (STLD 236.29, -9.06, -3.69%) are both moving lower after guiding Q3 EPS below analyst expectations, surprising investors given that Q3 is seasonally important for steelmakers as warmer weather typically supports higher shipments and stronger demand from nonresidential construction, infrastructure, and related fabrication. While the cautious outlooks may temper near-term enthusiasm, both companies pointed to higher steel selling prices, with STLD also expecting lower scrap costs. The setup remains constructive for domestic steelmakers, as tight supply, trade protection, low customer inventories, and solid end-market demand continue to support pricing even without a broad-based demand boom.