Cleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. The company offers hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, galvalume, enameling, and advanced high-strength steel products; austenitic, martensitic, duplex, precipitation hardening, and ferritic stainless steel products; plates; and grain oriented and non-oriented electrical steel products, as well as slab, scrap, iron ore, coal, and coke. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing. In addition, the company offers tinplate products, such as electrolytic tin coated and chrome coated sheet, and tin mill products; tooling and sampling; ingots, rolled blooms, and cast blooms; and hot-briquetted iron products. Further, it owns five iron ore mines in Minnesota and Michigan. The company serves automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.

Cleveland-Cliffs Inc.

A look at the weighted underlying holdings of the American Beacon GLG Natural Resources ETF (MGNR) shows an impressive 12.7% of holdings on a weighted basis have experienced insider buying within the past six months.
Chemours Co (Symbol: CC), which makes up 1.50% of the American Beacon GLG Natural Resources ETF (MGNR), has seen 3 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $2,827,638 worth of CC, making it the #31 largest holding. The table below details the recent insider buying activity observed at CC:
CC — last trade: $14.15 — Recent Insider Buys:
And Cleveland-Cliffs Inc (Symbol: CLF), the #34 largest holding among components of the American Beacon GLG Natural Resources ETF (MGNR), shows 3 directors and officers as recently filing Form 4's indicating purchases. The ETF holds $2,444,104 worth of CLF, which represents approximately 1.30% of the ETF's total assets at last check. The recent insider buying activity observed at CLF is detailed in the table below:
CLF — last trade: $10.07 — Recent Insider Buys:
Also see:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

12.7% of MGNR Holdings Seeing Recent Insider Buys

Below is Validea's guru fundamental report for CLEVELAND-CLIFFS INC (CLF). Of the 22 guru strategies we follow, CLF rates highest using our Value Investor model based on the published strategy of Benjamin Graham. This deep value methodology screens for stocks that have low P/B and P/E ratios, along with low debt and solid long-term earnings growth.
CLEVELAND-CLIFFS INC (CLF) is a mid-cap growth stock in the Metal Mining industry. The rating using this strategy is 57% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of CLEVELAND-CLIFFS INC
More Information on Benjamin Graham
About Benjamin Graham: The late Benjamin Graham may be the oldest of the gurus we follow, but his impact on the investing world has lasted for decades after his death in 1976. Known as both the "Father of Value Investing" and the founder of the entire field of security analysis, Graham mentored several of history's greatest investors -- including Warren Buffett -- and inspired a slew of others, including John Templeton, Mario Gabelli, and another of Validea's gurus, John Neff. Graham built his fortune and reputation after living through some extremely difficult times, including both the Great Depression and his own family's financial woes following his father's death when Benjamin was a young man. His investment firm posted per annum returns of about 20 percent from 1936 to 1956, far outpacing the 12.2 percent average return for the market during that time.
Additional Research Links
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CLF Quantitative Stock Analysis - Benjamin Graham

Below is Validea's guru fundamental report for CLEVELAND-CLIFFS INC (CLF). Of the 22 guru strategies we follow, CLF rates highest using our Value Investor model based on the published strategy of Benjamin Graham. This deep value methodology screens for stocks that have low P/B and P/E ratios, along with low debt and solid long-term earnings growth.
CLEVELAND-CLIFFS INC (CLF) is a mid-cap growth stock in the Metal Mining industry. The rating using this strategy is 57% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of CLEVELAND-CLIFFS INC
More Information on Benjamin Graham
About Benjamin Graham: The late Benjamin Graham may be the oldest of the gurus we follow, but his impact on the investing world has lasted for decades after his death in 1976. Known as both the "Father of Value Investing" and the founder of the entire field of security analysis, Graham mentored several of history's greatest investors -- including Warren Buffett -- and inspired a slew of others, including John Templeton, Mario Gabelli, and another of Validea's gurus, John Neff. Graham built his fortune and reputation after living through some extremely difficult times, including both the Great Depression and his own family's financial woes following his father's death when Benjamin was a young man. His investment firm posted per annum returns of about 20 percent from 1936 to 1956, far outpacing the 12.2 percent average return for the market during that time.
Additional Research Links
Harry Browne Permanent Portfolio
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Benjamin Graham Detailed Fundamental Analysis - CLF

Key Points
The company notched a double beat in its second quarter.
This, despite erosion on both the top and bottom lines.
One of the better-performing industrial stocks over the past few days has been storied steel maker Cleveland-Cliffs (NYSE: CLF). The company did better than expected in its second quarter. As often occurs in that situation, several analysts became more bullish on its prospects. According to data compiled by S&P Global Market Intelligence, Cleveland-Cliffs rose by almost 21% across the week.
Second-quarter surprises
On Monday, Cleveland-Cliffs published its latest earnings report, revealing that Q2 revenue was $4.9 billion, while its net loss came in at $247 million. Although both metrics are worse than the year-ago figures, they were higher than the consensus analyst estimates (particularly for the bottom line).
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Those optimistic analyst updates reinforced the double beat, especially since one of them took the form of a recommendation upgrade.
This came from KeyBanc's Philip Gibbs, who now feels Cleveland-Cliffs is worthy of an overweight (read: buy) designation. Previously, he had ranked it as a sector weight (hold). Gibbs's new price target is $14 per share, which is 22% above where the stock currently sits.
Analysts at the similarly named J.P. Morgan (a unit of JPMorgan Chase) and Morgan Stanley raised their price targets on the stock, meanwhile.
The former's Bill Peterson cranked his more than 30% higher to $10 per share, although he maintained his neutral recommendation. The latter's Carlos De Alba set a new target of $10.50 per share from $8.00. Like Peterson, he kept his equivalent of a hold rating intact.
In this time of tariffs
Cleveland-Cliffs has also been in the news because of the tariffs imposed by the Trump administration. Yet the President has shown a clear strategy of negotiating these down, in certain instances quite substantially, so they likely won't have as much of an impact as previously believed by many.
Should you invest $1,000 in Cleveland-Cliffs right now?
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Cleveland-Cliffs Stock Popped by Nearly 21% This Week

Key Points
Non-GAAP loss per share of $0.50 was better than the estimated loss of $0.71 for Q2 2025, but results remain negative.
Revenue reached $4.9 billion, exceeding expectations and boosted by record steel shipment volumes.
Persistent losses, $323 million in non-recurring charges, and negative steel margins continue to weigh on profitability.
Cleveland-Cliffs (NYSE:CLF), a vertically integrated steel producer serving end-markets from automotive to infrastructure, reported its second-quarter 2025 results on July 21, 2025. The company posted a non-GAAP loss of $0.50 per share for Q2 2025, beating the consensus estimate of a $0.71 non-GAAP loss for Q2 2025, and generated $4.9 billion in GAAP revenue for Q2 2025, topping analyst forecasts of $4.86 billion (GAAP) for Q2 2025. Despite improvements in shipments and lower costs, Q2 2025 showed ongoing challenges: losses persisted, gross margins for steel remained negative, and non-recurring charges tied to restructuring continued. Overall, the quarter reflected early impacts from the company's cost-saving and operational changes, yet meaningful uncertainty remains for sustainable profitability.
Metric
Q2 2025
Q2 2025 Estimate
Q2 2024
Y/Y Change
EPS (Non-GAAP)
$(0.50)
$(0.71)
$0.11
(554.5%)
Revenue
$4.9 billion
$4.86 billion
$5.09 billion
(3.1%)
Adjusted EBITDA (Non-GAAP)
$97 million
$323 million
(70.0%)
Steel Shipments (net tons)
4.3 million
4.0 million
7.5%
Liquidity
$2.7 billion
$3.7 billion
(27%)
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Business Overview and Core Focus
The company is vertically integrated, being fully or partially self-sufficient in key raw materials and processes for steelmaking. It mines iron ore, produces iron pellets and direct reduced iron, and turns these into steel for customers—primarily in the automotive, infrastructure, and manufacturing sectors. Its business model centers on vertical integration: owning the supply chain from raw material extraction to end-product delivery. This structure helps Cliffs manage costs and insulate itself from global raw material price swings.
The company has made the automotive market a key focus, aiming to provide advanced, high-margin steel to car makers. It also invests in electrical steels for the growing electric vehicle and energy infrastructure segments and pursues operational efficiency through acquisitions and asset optimization. Maintaining tight labor relations and delivering on environmental commitments round out its most critical success factors in a highly competitive, capital-intensive industry.
Quarter Highlights: Financial and Operational Developments
Cliffs delivered record steel shipment volumes of 4.3 million net tons in Q2 2025, up 7.8% from the same period last year. This increase partly reflects the integration of recently acquired Canadian operations. Despite boosting output, total revenue (GAAP) fell 3.1% compared to the prior-year period, as realized steel prices dropped to $1,015 per ton, down from $1,125 in Q2 2024, narrowing margins across the steelmaking segment.
GAAP revenue came in ahead of consensus, but profitability remained under pressure. Gross margin for steelmaking (GAAP) notably swung from a positive $145 million in Q2 2024 to a negative $225 million. Adjusted EBITDA fell 70% from $323 million to $97 million. The core reason is sustained price and margin pressure, especially as older contracts and lower-priced sales continue to weigh on overall results. The quarter also included non-recurring charges of $323 million related mainly to facility idlings—part of a broader footprint optimization strategy.
Cliffs made tangible progress with cost control. Steel unit costs dropped by $15 per ton versus the previous quarter, and management reaffirmed its guidance for a $50 per ton cost reduction for full-year 2025. The company realized working capital gains from reducing inventories, with inventory levels falling from earlier in the year. Operating cash flow for the quarter, however, was just $45 million, highlighting ongoing challenges for consistent cash generation.
The product mix profile included hot-rolled steel (40%), coated steel (27%), cold-rolled steel (15%), plate (5%), stainless and electrical steels (3%), and other types such as slabs and rail (10%). Sales to the automotive sector made up 26% of steelmaking revenue, while infrastructure and manufacturing, distributors, and steel producers composed the rest. Direct auto industry sales reached $1.2 billion.
There were significant one-time events. The company recognized $39 million in asset impairments and $19 million in severance charges, mostly tied to the idling of non-core plants. Restructuring actions affected roughly 2,000 employees, but management described ongoing idle costs as minimal, at less than $5 million annually going forward (as stated on the Q1 2025 earnings call).
Looking Ahead: Guidance and Considerations
Management reiterated its outlook for continued cost reductions, reaffirming its full-year 2025 steel unit cost savings target of $50 per net ton compared to 2024. Capital expenditure guidance was trimmed to about $600 million from $625 million for full-year 2025, as the company canceled or deferred non-core investment projects—most notably a previously planned transformer project. Selling, general, and administrative expense forecast was also reduced by $25 million to $575 million. Depreciation and amortization (GAAP) are expected to total about $1.2 billion for FY2025, influenced by the accelerated write-down of idled assets.
Leadership stated it expects further gains in adjusted EBITDA in the second half of 2025, and highlighted that the elimination of a legacy slab supply contract in the coming months should remove a significant earnings drag. No explicit forward-looking revenue or earnings range was provided, but management described its plans for rapid debt reduction and a return to positive free cash flow as "in sight." Investors are likely to track the ongoing effects of cost cutting, the company's progress in shifting to higher-margin markets, and any potential asset sales, which could free up several billion dollars in value dedicated to debt reduction.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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Cleveland-Cliffs Revenue Tops Estimates

Key Points
Cleveland-Cliffs beat revenue and earnings expectations.
Its CEO sounded optimistic on the prospect for tariff-related benefits.
However, those benefits have yet to come through in a material way.
Shares of Cleveland-Cliffs (NYSE: CLF) rallied 5.6% on Tuesday as of 2:26 p.m. ET.
The U.S.-based steelmaker reported second-quarter earnings today, and while revenue and earnings were down relative to last year, both metrics actually beat expectations. Furthermore, CEO Lourenco Goncalves was optimistic that the recent increase in steel tariffs should soon benefit the company.
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Cleveland delivers a beat, though it has a ways to go
In the second quarter, Cleveland-Cliffs saw revenue decline by 3.1% to $4.9 billion, while adjusted (non-GAAP) earnings per share (EPS) fell to a loss of $0.50 per share from a positive $0.11 EPS in the year-ago quarter.
Despite year-over-year declines, those figures actually came in ahead of expectations. It was also an especially trying quarter for carmakers in the wake of April 2 "Liberation Day" and the uncertainty that followed. Of note, autos encompass a significant part of Cleveland Cliffs' revenue.
Still, Goncalves struck a an optimistic tone, saying that the recent steel tariffs were on the brink of helping Cleveland-Cliffs more than they were hurting demand, In the earnings press release, he said:
We have started to see the positive impact that tariffs have on domestic manufacturing, protecting domestic jobs and national security. We expect this trend to continue, promoting the resurgence of the American automotive industry supported by a thriving domestic steel industry. ... Going forward, foreign competitors need to acquire steel capacity within the United States if they want to participate in this desirable market. As a publicly traded America-based company centered on automotive, electrical steels, stainless and plate, Cleveland-Cliffs' assets, business and footprint are uniquely positioned to benefit from this new reality.
But much remains in doubt for Cleveland-Cliffs
While Goncalves' statement is encouraging, it's not the first time he has been exceedingly optimistic about Cleveland-Cliffs' prospects. Moreover, it's unclear exactly how new tariffs will impact Cleveland-Cliffs' near-term financials.
After all, amid the initial demand destruction resulting from new tariffs, Cleveland-Cliffs actually idled one its major blast furnaces, and either fully idled or partially idled several of its iron ore mines. And while tariffs have curtailed foreign competition, the market share of imports for finished steel have only declined by 5 percentage points, from 25% in January to 20% in May. While management predicts increased demand for steel and decreased exports over time, we have yet to see material evidence of that big advantage for domestic steelmakers.
At the moment, Cleveland Cliffs is losing money and cutting costs in an attempt to produce cash flow to pay down its debt; in that light, it would be better for investors to take a wait-and-see approach to see if the purported tariff benefits really materialize. As of now, there is too much uncertainty to chase today's rally in the stock.
Should you invest $1,000 in Cleveland-Cliffs right now?
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Why Cleveland-Cliffs Rallied Today

Cleveland-Cliffs Inc.(NYSE:CLF) reported Q2 2025 results on July 21, achieving a sequential adjusted EBITDA improvement of $271 million alongside record shipments of 4.3 million tons. Notable strategic developments included a $150 million investment in premium stainless production, clear acceleration of cost reduction programs, and the launch of non-core asset divestitures with several billion dollars of potential value at stake. The company reaffirmed a disciplined approach to capital allocation and highlighted its distinct advantage as a vertically integrated producer in a rapidly shifting North American steel landscape.
Accelerated Cost Reductions and Operational Optimization
Chief Financial Officer Celso Goncalves confirmed an unanticipated $15 per ton quarter-over-quarter cost reduction, reversing previous guidance for a cost increase, and Cleveland-Cliffs remains on track to achieve its annual $50 per ton unit cost reduction target for 2025. Shipment volumes rose by 150,000 tons to 4.3 million, boosting productivity and allowing for greater fixed-cost absorption across the manufacturing base.
"We had previously expected a slight unit cost increase quarter over quarter, but with the solid operating performance, we actually recorded a $15 per ton unit cost decrease."
— Celso Goncalves, Chief Financial Officer
This surprise outperformance demonstrates management’s ability to extract operational leverage, and creates a buffer for debt reduction.
Strategic Asset Portfolio Realignment and Capital Allocation Discipline
The engagement of JPMorgan and the initiation of non-core asset sales processes open a pathway for Cleveland-Cliffs to unlock hidden value, accelerate deleveraging, and potentially reshape its business mix. The company ended the quarter with $2.7 billion in liquidity, no near-term maturities, and active inbound interest in idled properties, particularly those attractive to data center developers for their location and infrastructure.
"We have now engaged JPMorgan as our advisor and launched sell-side processes to explore the potential sale of certain non-core operating assets. These selected assets could represent billions of dollars of value, and we will only sell these assets if the sum of the parts valuation unlocks trapped value for Cleveland-Cliffs Inc. shareholders."
— Celso Goncalves, Chief Financial Officer
Proactive asset monetization signals both recognition of the market’s undervaluation of Cleveland-Cliffs' individual components and a tactical plan to drive shareholder value beyond organic operational gains.
Vertically Integrated Business Model Amid Shifting Trade and Competitive Dynamics
The forthcoming 50% U.S. tariff on Brazilian pig iron, effective Aug. 1, will pressure U.S. competitors reliant on imports, while Cleveland-Cliffs’ hot briquetted iron plant in Toledo and internal coke production, further aided by Stelco integration, reinforce full feedstock independence. Section 232 tariff enforcement and shifts in automotive supply chains, including repatriation of production from Asia and Mexico, are repositioning pricing and supply contracts throughout the region.
"Cleveland-Cliffs Inc.'s vertically integrated business model differentiates us from the rest of the industry by being completely independent from imported feedstock."
— Lourenco Goncalves, Chairman, President, and Chief Executive Officer
This structural advantage inoculates the company against raw material price volatility and foreign supply shocks, further strengthening its competitive moat in the automotive steel market.
Looking Ahead
Management reiterated its guidance for a $50 per ton cost reduction in 2025 relative to 2024, and forecast further sequential cost declines of approximately $20 per ton from Q2 to Q3 and with continued reductions into Q4. Shipments are expected to remain at 4.3 million tons, with EBITDA projected to further improve quarter over quarter. Cleveland-Cliffs will use all excess free cash flow for accelerated debt reduction, with any proceeds from non-core asset sales going to supplement this deleveraging trajectory.
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This article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Cleveland-Cliffs Sets Shipment Record in Q2

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Cleveland-Cliffs (CLF) Q2 2025 Earnings Transcript

Key Points
Cleveland-Cliffs reported smaller-than-expected losses this morning.
Steel prices fell in Q2, but management is cutting costs to mitigate the damage.
With a little help from President Trump's tariffs, Cleveland-Cliffs could turn profitable again.
Shares of Cleveland-Cliffs (NYSE: CLF), one of the nation's biggest steelmakers, soared 13.7% through 1:20 p.m. ET Monday after beating on earnings this morning.
Analysts had forecast a rough quarter for Cleveland-Cliffs, with $0.63 per share in losses expected on sales of $4.9 billion. The company nailed the revenue target, and beat on earnings with a loss of "only" $0.50 per share.
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Cleveland-Cliffs' Q2 earnings
Cleveland-Cliffs set a new record for steel shipped in the quarter: 4.3 million net tons, up 7.5% from a year ago. Average selling prices on that steel, however, slid 10%, turning what should have been a revenue improvement into a decline -- and turning its gross profit margin negative.
On the bottom line, Cleveland-Cliffs ended up with $470 million in net losses, or $0.97 per share, reversing the tiny profit it earned in Q2 2024.
Is Cleveland-Cliffs stock a buy?
But if Cleveland-Cliff's news was so bad, why are investors buying the stock? Partly because management said $323 million of its net loss -- about 69% -- came from "previously disclosed non-recurring charges related to idled facilities." And partly, because management says it's making progress cutting both costs and inventories.
Turning to guidance, Cleveland-Cliffs notes that it's on track to cut its 2025 cost of production by about $50 a ton in comparison to 2024 -- enough to offset about half the decline in steel prices seen in Q2. Combined with reductions in capital spending and in selling, general, and administrative expenses, plus the absence of the "non-recurring charges" that hurt Q2 results, and of course the benefits Cleveland-Cliffs might enjoy from Trump administration tariffs on imported steel, there's every chance profits will perk back up soon.
Management didn't quite promise this, mind you. But investors seem to be betting on it.
Should you invest $1,000 in Cleveland-Cliffs right now?
Before you buy stock in Cleveland-Cliffs, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cleveland-Cliffs wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,056,790!*
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*Stock Advisor returns as of July 21, 2025
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Cleveland-Cliffs Stock Is Red-Hot Today

Monday, July 21, 2025
Pre-market futures are up to start a fresh trading week, though indexes are currently coming down from where they were earlier in early-morning trading. The Dow is currently +70 points, the S&P 500 is +10, the Nasdaq has gained +25 points thus far and the small-cap Russell 2000 keeps its catch-up trade levels, +13 points at this hour. We remain off highs from the first half of the month, but those also happen to be all-time highs.
Q2 Earnings Ahead of the Bell: CLF, DPZ
U.S.-based steelmaker Cleveland-Cliffs CLF outperformed expectations on both top and bottom lines this morning, with a slimmer-than-expected loss of -$0.50 per share an improvement over the -$0.68 projected. Revenues of $4.93 billion bettered the Zacks consensus by +0.62%. Shares are up +4.5% on the news. During the quarter, a 50% tariff was slapped on foreign steel imports, but the view forward is cloudier on trade policy. For more on CLF’s earning, click here.
Domino’s Pizza DPZ had a mixed performance in its Q2 results this morning, missing by -3% on its bottom line with earnings of $3.81 per share (its second miss in its last three quarters) but improving on revenues above expectations to $1.15 billion, +4.3% year over year. Shares are up +3% in pre-market trading, +11% year to date. (You can see the full Zacks Earnings Calendar here.)
U.S. LEI Comes Out After Market Opens
The U.S. Leading Economic Indicators (LEI) report for June hits the tape after the opening bell this morning, with expectations for a further drift downward to -0.2% from May’s -0.1%. In last month’s report, Average Consumer Expectations for Business Conditions fell nearly as far as the S&P 500 index rose.
Most LEI numbers have been negative over the past six months, with moving goalposts regarding tariff policy have kept business owners on their heels somewhat. In the May report, a recession signal was triggered — referenced somewhat in last week’s extraordinary interview with Zacks Chief Economist John Blank in the Zacks Market Edge podcast, which can be viewed here.
What to Expect from the Stock Market This Week
Q2 earnings season heats up in a serious way, with more than 20% on the S&P 500 scheduled to report before the end of this trading week. Headliners come Wednesday, after the closing bell, with Google parent Alphabet GOOGL and challenged EV leader Tesla TSLA both reporting quarterly results.
Alphabet carries a Zacks Rank #3 (Hold) as of this morning, and is expected to see advertising revenues improve. Earnings are expected to have risen +13.2% in the quarter, with overall revenues +11.1%. Tesla has a Zacks Rank #4 (Sell) rating with a Value-Growth-Momentum grade of “F” as of this morning; expectations for its Q2 earnings are -23.1% year over year, and -11.9% on the revenue side.
Also this week, even though we lighten up from last week’s heavy dollop of economic reports, Existing & New Home Sales, S&P flash Services and Manufacturing PMI and Durable Goods Orders are all expected to be released. Expectations are mixed for these data points; we look forward to some of this murkiness lifting upon results being revealed.
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