Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses. This segment sells its products to steel service centers, fabricators, and manufacturers in the United States, Canada, and Mexico. The Steel Products segment offers steel joists and joist girders, steel decks, and galvanized torque tubes for used in solar arrays, hollow structural section steel tubing, electrical conduit, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, steel grating and expanded metal, wire and wire mesh, metal building systems, insulated metal panels, steel racking, overhead doors, and utility towers and structures for communications and energy transmission. This segment is also involved in the piling distribution business. The Raw Materials segment produces direct reduced iron (DRI); brokers ferrous and nonferrous metals, pig iron, hot briquetted iron, and DRI; supplies ferro-alloys; processes ferrous and nonferrous scrap metal; and engages in the natural gas production and industrial gas business. This segment sells its ferrous scrap to electric arc furnace steel mills and foundries for manufacturing process; and nonferrous scrap metal to aluminum can producers, secondary aluminum smelters, steel mills and other processors, and consumers of various nonferrous metals. It markets its products through in-house sales force; and internal distribution and trading companies. Nucor Corporation was founded in 1905 and is headquartered in Charlotte, North Carolina.

Nucor appears financially sound, but its valuation no longer looks cheap relative to the quality of the business. On a multiples basis, the picture is mixed: P/E and P/S are slightly below the industry median, which supports the idea of a moderate undervaluation; however, P/B is 19% above the market, and P/FCF is noticeably above the industry level, which limits the potential for re-rating. At the same time, earnings and revenue momentum is strong: revenue, EBITDA, operating profit, and net profit have increased significantly compared with earlier periods, indicating a healthy cycle and an improving operating base. Margins have also improved over the years, but current gross margin, operating margin, and net margin levels are still below industry medians, so the quality of earnings cannot be considered unequivocally the best in the sector. Returns on capital and assets are at an acceptable level, but ROE, ROA, and ROI still lag behind industry averages, which restrains the case for a higher multiple. The balance sheet is strong: debt/equity is low, the current ratio and quick ratio are comfortable, and equity is substantial, reducing financial risk. Long-term debt appears manageable and does not show signs of overleveraging, especially in light of growth in equity and earnings. Dividend yield remains low and has declined slightly in recent periods, so the dividend factor does not add a meaningful premium to the valuation. Overall, the fundamentals support the company as a high-quality cyclical manufacturer with good liquidity and improving results, but without a clear discount to fair value. The main constraints are the expensive P/B and especially P/FCF, as well as the fact that some profitability metrics are still below industry benchmarks. Therefore, the base forecast looks somewhat overstated and calls for a moderate reduction rather than a radical revaluation. For an investor, this means the story remains attractive from an investment standpoint, but entering at current levels already requires caution and a margin of safety.

Nucor Corporation

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Средний индекс, незначительно упал. Рынок не поддерживает быков.

Medium index, slightly down. The market does not support the bulls.

Слабый индекс, незначительно вырос

Strong balance sheet and earnings growth support NUE, but expensive P/B and P/FCF, together with moderate profitability, limit revaluation potential.

(0:30) - Breaking Down The Berkshire Hathaway Portfolio
(4;00) - Should You Consider Investing Into Any of The Berkshire Hathway's Positions?
(21:15) - Episode Roundup: CVX, NUE, AXP
Podcast@Zacks.com
Welcome to Episode #453 of the Value Investor Podcast.
Every week, Tracey Ryniec, the editor of Zacks Value Investor portfolio, shares some of her top value investing tips and stock picks.
One of the big topics of conversation on the podcast over the last ten years has been Berkshire Hathaway’s equity portfolio. Tracey has talked about what has been bought, and sold, each quarter.
But Warren Buffett, the world’s greatest value investor, retired as CEO in Dec 2025. Additionally, one of Buffett’s two lieutenants, Todd Combs, left Berkshire in Dec 2025 as well.
As a result, there’s been a lot of changes to the equity portfolio. It once had over 50 companies but it’s now down to just 27.
Are There Values in Berkshire Hathaway’s Portfolio?
But not all of those companies are “values” right now. Berkshire Hathaway started buying Apple in 2016 when it’s price-to-earnings (P/E) ratio was under 10. A P/E ratio under 10 usually indicates deep value.
But today, Apple’s P/E is at 35 which is considered a high P/E. A value investor would be hard pressed to buy Apple at these current valuations.
Value investors need to look beyond the technology companies in the portfolio. Think old school, including those companies with hard assets.
The Top 3 Value Stocks to Buy in the Berkshire Hathaway Portfolio
1. Chevron Corp. (CVX)
Chevron is a global integrated energy company which was founded in 1879. It’s been around a long time. Thanks to rising oil prices and record high crack spreads, earnings are expected to jump 127% this year.
Shares of Chevron are hitting new all-time highs, up 40% year-to-date. But it’s still cheap. Chevron trades with a forward P/E of just 12.6. A P/E under 15 usually indicates value.
Chevron is also shareholder friendly. It has increased its dividend 39 years in a row. That dividend currently yields an attractive 3.4%.
Berkshire Hathaway started buying Chevron shares in 2020, during the COVID pandemic. It has bought, and sold, several times over the last six years but it has maintained a large position in the company.
Should an energy company like Chevron be on your value stock short list?
2. Nucor Corp. (NUE)
Nucor Corp. is a leading North American producer of structural steel, steel bars, steel joists, steel deck and cold finished bars. It can trace its lineage back to 1905 but became Nucor in 1972.
In the second quarter of 2026, Nucor saw a second consecutive quarterly record for steel mill shipments. It cited supportive federal trade policies.
Earnings are expected to jump 132% in 2026. Steel is in demand again due to the AI Revolution infrastructure buildout.
Shares of Nucor are up 56.6% year-to-date but have cooled off 7% over the last month. It’s still cheap. Nucor trades with a forward P/E of just 14.5. A P/E ratio under 15 usually indicates value.
Nucor is shareholder friendly. It pays a dividend, currently yielding 0.9%, and also has a share repurchase program.
Berkshire Hathaway first bought shares of Nucor in the first quarter of 2025. It’s a small position in the equity portfolio, however.
Should a steel producer like Nucor be on your value stock short list?
3. American Express Co. (AXP)
American Express is a global payments and premium lifestyle brand company which was founded in 1850. Buffett has always liked the companies which built moats over many decades in business.
Shares of American Express are down 13.3% year-to-date after hitting new all-time highs at the end of 2025. This sell-off has created a buying opportunity for value investors.
The shares are down but earnings are expected to grow 14.9% in 2026 and 14.5% in 2027. American Express has a forward P/E of 18.2. While that’s not under 15 which would make it a classic value, it is cheap for the industry.
American Express is shareholder friendly. It has raised its dividend 5 consecutive years, including in March 2026 when it raised the quarterly dividend by 16%. It’s now yielding 1.2%.
Berkshire Hathaway first bought American Express in 1991 and accumulated shares until 1995. It’s now the second largest position in the equity portfolio, with only Apple ranking above it.
Should a global payments company like American Express be on your value stock short list?
What Else Should You Know About Finding the Best Stocks in Berkshire Hathaway’s Portfolio?
Tune into this week’s podcast to find out.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

The Top 3 Value Stocks to Buy in Berkshire Hathaway's Portfolio

Carpenter Technology Corporation CRS is benefiting from healthy demand trends across its end-use markets. The upside is driven by solid growth in aerospace and defense, with sales increasing 15% year over year in fiscal 2026.
Carpenter Technology’s top line is gaining from accelerating activity across the aerospace supply chain as OEMs continue to push toward higher build rates. Leveraging its differentiated capabilities and capacity, Carpenter Technology is well-positioned for significant near-term and long-term growth from the aerospace end-use market.
The company also saw an uptick in its Industrial and Consumer markets, driven by increasing demand from the semiconductor industry, with sales rising 4.7% year over year in fiscal 2026. Transportation sales increased 13.5%, while energy sales improved 3.5% in fiscal 2026. These gains will offset the headwinds in the medical end-use market. Even though medical end-use market sales fell 1.9% year over year in fiscal 2026, the company sees improving demand across orthopedics, dental and cardiology.
Driven by solid performance across its end-use markets, Carpenter Technology has been experiencing strong booking growth for the past few quarters.
Backed by record profitability and favorable demand trends, CRS expects fiscal 2027 operating income of $850-$880 million, representing growth of 21-25% from fiscal 2026. The company expects these gains to be driven by higher volumes, productivity improvements, product-mix optimization and pricing actions. It also targets operating income of $1.2-$1.3 billion in fiscal 2029, supported by strengthening end-market demand and contributions from its brownfield capacity expansion beginning in fiscal 2028.
Performance of Other Steel Stocks
Commercial Metals Company CMC has been benefiting from steady North American construction activity and firm pricing discipline. Backed by its focus on transformation, Commercial Metals is expected to generate structurally higher margins and enhanced free cash flow.
Commercial Metals expects its new precast platforms to generate $165 million to $175 million of EBITDA in fiscal 2026, with incremental annualized EBITDA of $240 million to $250 million and annualized synergies of $30 million to $40 million within three years.
Nucor Corporation NUE is committed to expanding its production capabilities and growing its business through strategic acquisitions. Nucor is seeing strong demand in the energy markets. While the automotive market remains impacted by high interest rates and tariffs, the accelerating adoption of electric vehicles bodes well for this market. Demand in non-residential construction markets was healthy in 2025, and the momentum is expected to continue this year, driving Nucor’s earnings and cash flows.
CRS’s Price Performance, Valuations & Estimates
CRS’ shares have surged 81.5% over the past year compared with the industry’s growth of 66.5%. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 24.1% and 17.2%, respectively.
Carpenter Technology is currently trading at a forward price/sales ratio of 6.42 compared with the industry's 2.49.
The Zacks Consensus Estimate for fiscal 2027 sales is pegged at $3.40 billion, indicating an 8.8% year-over-year jump. The consensus mark for the year’s earnings is pinned at $13.28 per share, indicating a year-over-year rise of 23.4%.
The Zacks Consensus Estimate for fiscal 2027 sales implies 8.4% year-over-year growth, and the consensus mark for earnings suggests a rise of 17.9%.
EPS estimates for fiscal 2026 and 2027 have moved north over the past 60 days.
Image Source: Zacks Investment Research
CRS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Can Strong End-Market Demand Boost Carpenter Technology's Growth?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Global X U.S. Infrastructure Development ETF (Symbol: PAVE) where we have detected an approximate $271.6 million dollar inflow -- that's a 2.1% increase week over week in outstanding units (from 247,120,000 to 252,210,000). Among the largest underlying components of PAVE, in trading today Deere & Co. (Symbol: DE) is up about 1.5%, Nucor Corp. (Symbol: NUE) is off about 0.6%, and Fastenal Co. (Symbol: FAST) is up by about 0.7%. For a complete list of holdings, visit the PAVE Holdings page » The chart below shows the one year price performance of PAVE, versus its 200 day moving average:
Looking at the chart above, PAVE's low point in its 52 week range is $45.44 per share, with $60.43 as the 52 week high point — that compares with a last trade of $54.02. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further PAVE Research:

PAVE, DE, NUE, FAST: Large Inflows Detected at ETF

The Zacks Steel Producers industry faces headwinds from a muted demand environment. Sluggish demand in China amid weakness in the property market and softness in the residential construction and automotive markets are weighing on the industry.
Nevertheless, higher steel prices and a resilient commercial construction market augur well for the industry. Players from the space, such as ArcelorMittal S.A. MT, Nucor Corporation NUE, Steel Dynamics, Inc. STLD and L.B. Foster Company FSTR, are worth a look despite near-term headwinds.
About the Industry
The Zacks Steel Producers industry serves a vast spectrum of end-use industries, such as automotive, construction, appliance, container, packaging, industrial machinery, mining equipment, transportation, and oil and gas, with various steel products. These products include hot-rolled and cold-rolled coils and sheets, hot-dipped and galvanized coils and sheets, reinforcing bars, billets and blooms, wire rods, strip mill plates, standard and line pipe, and mechanical tubing products. Steel is primarily produced using two methods — Blast Furnace and Electric Arc Furnace. It is regarded as the backbone of the manufacturing industry. The automotive and construction markets have historically been the largest consumers of steel. The housing and construction sector accounts for roughly half of the world’s total steel consumption.
What's Shaping the Future of the Steel Producers' Industry?
Muted Demand in Certain Major Markets: Automotive is a significant market for steel producers. A slowdown in global automotive production curtailed steel consumption in this key end market last year. High interest rates, along with concerns over economic slowdown and tariffs, put pressure on the automotive market. Global automotive production remains depressed, with weakness in Europe and North America. High interest rates are affecting the automotive market. This, along with inflation and tariffs, is likely to put pressure on the automotive market in 2026. Residential construction, a key end market for steel, remains another area of weakness. The construction sector has experienced a slowdown in the United States due to high interest rates, dampening steel demand in this market. Elevated borrowing costs and inflation have weighed heavily on the residential construction industry. Manufacturing activities have also softened amid weaker demand for goods and higher borrowing costs, while recovery remains tepid. Nonetheless, order activity in the non-residential construction market remains strong, underscoring the inherent strength of this industry. Firm demand in non-residential construction is expected to continue in 2026, aided by sustained infrastructure spending.
Sluggishness in China a Concern: Steel demand in China, the world’s top consumer of the commodity, has softened due to a slowdown in the country’s economy, following a protracted property crisis and weak global demand. The real estate sector has taken a hard hit amid a decline in new home prices, property investment and housing sales. Notably, real estate accounts for roughly 40% of China's steel consumption. A slowdown in manufacturing activities has led to a contraction in demand for steel in China. The manufacturing sector has taken a beating due to weaker external demand for manufactured goods and a slowdown in infrastructure spending. China has also seen a slowdown in the construction sector. The sluggishness in these key steel-consuming sectors may hurt demand for steel over the short term.
Elevated Steel Prices Bode Well: U.S. steel prices recovered in the fourth quarter of 2025, following the lows seen in the third quarter, and the momentum continues so far this year. Overall demand weakness and abundant steel mill output dragged benchmark hot-rolled coil (“HRC”) prices below $800 per short ton in late August 2025 and continued through early September. HRC prices rebounded on major steel mills' price increases, extending lead times and tightening supply, partly due to plant outages and reduced imports driven by tariffs. The recovery, which has been more pronounced since November, has led to HRC prices surging to above $1,200 per short ton. Global steel prices have also increased due to supply constraints driven by China’s steel output reductions, as well as price hikes by steel mills amid higher raw material, energy and freight costs triggered by the Middle East conflict.
Zacks Industry Rank Indicates Downbeat Prospects
The Zacks Steel Producers industry is part of the broader Zacks Basic Materials Sector. It carries a Zacks Industry Rank #160, which places it in the bottom 35% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all member stocks, indicates a bleak near-term. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Outperforms Sector and S&P 500
The Zacks Steel Producers industry has outperformed both the Zacks S&P 500 composite and the broader Zacks Basic Materials sector over the past year.
The industry has gained 79.2% over this period compared with the S&P 500’s rise of 19.1% and the broader sector’s increase of 27.8%.
One-Year Price Performance
Industry's Current Valuation
On the basis of the trailing 12-month enterprise value-to EBITDA (EV/EBITDA) ratio, which is a commonly used multiple for valuing steel stocks, the industry is currently trading at 12.16X, below the S&P 500’s 20.09X and the sector’s 15.83X.
Over the past five years, the industry has traded as high as 13.88X, as low as 3.22X and at the median of 9.26X, as the chart below shows.
Enterprise Value/EBITDA (EV/EBITDA) Ratio
Enterprise Value/EBITDA (EV/EBITDA) Ratio
4 Steel Producer Stocks to Watch
L.B. Foster: Pennsylvania-based L.B. Foster provides innovative solutions to rail, construction and energy markets to build and maintain their critical infrastructure. L.B. Foster is gaining from a favorable product mix and strategic transformation initiatives. Its business portfolio actions and profitability initiatives are driving results. The company is seeing strong bidding activities in its Rail segment, leading to an increase in backlog. FSTR is also seeing strong demand in its Precast Concrete business. Favorable order activities are expected to drive its performance. FSTR remains committed to its capital allocation priorities while investing in organic growth and acquisition opportunities.
L.B. Foster, carrying a Zacks Rank #2 (Buy), has expected earnings growth of 134.8% for 2026. It has a trailing four-quarter earnings surprise of roughly 19.9%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price and Consensus: FSTR
ArcelorMittal: Luxembourg-based ArcelorMittal is among the leading integrated steel and mining companies globally. MT is expanding its steel-making capacity and focusing on shifting to high-added-value products. Its strategic expansion projects are expected to boost profitability and cash flows. MT is optimizing its decarbonization strategy to maintain competitiveness and profitability. The company is committed to returning shareholders’ value while maintaining a strong balance sheet. Its cost-improvement efforts are also expected to support margins.
ArcelorMittal currently carries a Zacks Rank #3 (Hold). The company beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters. In this time frame, it has delivered an average earnings surprise of roughly 10%. MT has an expected earnings growth of 16.4% for 2026.
Price and Consensus: MT
Nucor: Charlotte, NC-based Nucor makes steel and steel products with operating facilities in the United States, Canada and Mexico. Nucor is expected to gain from the strength in the non-residential construction market. The company remains focused on achieving greater penetration in the automotive market. Nucor should also benefit from considerable market opportunities from its strategic investments in its most significant growth projects. NUE remains committed to boosting production capacity, which should drive growth and strengthen its position as a low-cost producer. Nucor is maximizing its returns to its shareholders by leveraging its strong balance sheet and cash flows.
Currently, Nucor carries a Zacks Rank #3. It has an expected earnings growth of 132.8% for 2026. The Zacks Consensus Estimate for NUE’s 2026 earnings has moved up 3.9% in the past 60 days.
Price and Consensus: NUE
Steel Dynamics: Based in Indiana, Steel Dynamics is a leading steel producer and metals recycler in the United States. Steel Dynamics' customer-focused approach, along with market diversification and low-cost operating platforms, positions it for future growth opportunities. The company should gain from its investments in beefing up capacity and upgrading facilities. STLD is currently executing several projects that should add to its capacity and boost profitability.
STLD is ramping up operations at its state-of-the-art electric arc furnace flat-rolled steel mill in Sinton, TX. The value-added flat-rolled steel coating lines, consisting of two paint lines and two galvanizing lines, also enhance the annual value-added flat-rolled steel capacity. The company is ramping up volumes from these lines, which are expected to provide earnings benefits.
Steel Dynamics carries a Zacks Rank #3 at present. The company outpaced the consensus estimate in three of the trailing four quarters. In this time frame, it has delivered an average earnings surprise of roughly 3%. STLD has an expected earnings growth of 114.5% for 2026.
Price and Consensus: STLD
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

4 Steel Producer Stocks to Watch Amid Industry Challenges

Carpenter Technology Corporation CRS generated $605 million in cash from operating activities and $362.3 million in adjusted free cash flow in fiscal 2026, marking year-over-year increases of 37.4% and 26%, respectively. The upside was driven by higher earnings and focus on working capital management while increasing productivity.
The company’s financial position remains strong, which gives it the strategic flexibility to strengthen its long-term growth profile by investing in emerging technologies like additive manufacturing and soft magnetics while also providing direct returns to shareholders through quarterly dividends. At the end of fiscal 2026, liquidity was $892.4 million, including $393.3 million in cash and $499.1 million in available borrowings.Net debt to EBITDA was negative 0.3X with no near-term debt maturities.
The company is maintaining its strong balance sheet while investing in a $400-million brownfield expansion project based in Athens. The project is aimed at adding high-purity primary and secondary melt capacity to the company’s existing downstream finishing assets, which will boost long-term growth.
Backed by record profitability and favorable demand trends, CRS expects fiscal 2027 operating income of $850-$880 million, indicating growth of 21-25% from fiscal 2026. The company expects the gains to be driven by higher volumes, productivity improvements, product-mix optimization and pricing actions.
For fiscal 2027, the company expects $400-$430 million in adjusted free cash flow while capital expenditure rises to $355-$375 million, supporting its balanced approach to growth investment and shareholder returns.
Balance Sheet Performance of Other Steel Stocks
Commercial Metals Company’s CMC cash generated from operating activities for the nine months ended May 31, 2026, was $603 million compared with $400 million in the year-ago period. As of May 31, 2026, cash, cash equivalents and restricted cash totaled $0.56 billion compared with $1 billion at the end of fiscal 2025.
Backed by its focus on transformation, Commercial Metals expects to generate structurally higher margins and enhanced free cash flow. Commercial Metals expects to generate a free cash flow of $1.375-$1.525 billion in fiscal 2029.
Nucor Corporation’s NUE cash and cash equivalents were $2.48 billion at the end of the quarter, up from $1.95 billion a year earlier. Including short-term investments, Nucor had $2.69 billion in liquidity on hand. Demand in non-residential construction markets was healthy in 2025 and the momentum is expected to continue this year, driving Nucor’s earnings and cash flows.
CRS’s Price Performance, Valuations & Estimates
Carpenter Technology’s shares have surged 98.2% over the past year compared with the industry’s growth of 79.7%. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 34.6% and 22.9%, respectively.
Carpenter Technology is currently trading at a forward price/sales ratio of 6.85X compared with the industry's 2.62X.
The Zacks Consensus Estimate for fiscal 2027 sales is pegged at $3.40 billion, indicating an 8.8% year-over-year jump. The consensus mark for the year’s earnings is pegged at $13.09 per share, suggesting a year-over-year rise of 21.6%.
The Zacks Consensus Estimate for fiscal 2027 sales implies 8.4% year-over-year growth, and the same for earnings suggests a rise of 19.6%.
EPS estimates for fiscal 2026 and 2027 have moved north over the past 60 days.
Image Source: Zacks Investment Research
CRS currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Can Carpenter Technology Sustain Its Strong Cash Flow Growth in FY27?

It has been about a month since the last earnings report for Nucor (NUE). Shares have lost about 6.8% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Nucor due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.
Nucor's Q2 Earnings and Revenues Surpass Estimates on Higher Prices
Nucor reported adjusted earnings of $4.84 per share for the second quarter of 2026. The figure beat the Zacks Consensus Estimate of $4.57. On a reported basis, earnings were $5.04 per share, up from $2.60 in the year-ago quarter.
The company recorded net sales of roughly $10.4 billion, up 23% year over year. The figure beat the Zacks Consensus Estimate of roughly $10.06 billion.
Operating Figures
Total sales tons to outside customers for steel mills in the second quarter were 5,659,000 tons, up 12% year over year and 1% sequentially. The figure surpassed our estimate of 5,621,000 tons.
Total sales tons to external customers increased 12% year over year to 7,605,000 tons. The external average sales price per ton rose 10% to $1,367. Overall operating rates at the company’s steel mills were 91%, up from 85% in the second quarter of 2025 and 86% in the first quarter of 2026.
Segment Highlights
In the reported quarter, the Steel Mills segment posted earnings of $1.56 billion, up 84.6% from $843 million in the year-ago quarter. The improvement reflected higher average selling prices and volumes, along with a $130 million reduction in cost of products sold related to refunds for prior-period raw material procurement costs.
The Steel Products segment earned $353 million, down 9.9% from $392 million a year earlier. However, earnings improved sequentially on increased volumes and stable average realized pricing.
The Raw Materials segment delivered earnings of $146 million, up 156.1% from $57 million in the prior-year quarter, primarily due to higher average selling prices and shipments.
Financial Position
Cash and cash equivalents were roughly $2.48 billion at the end of the quarter, up from $1.95 billion a year earlier. Including short-term investments, Nucor had around $2.69 billion in liquidity on hand. Long-term debt and finance lease obligations due after one year were roughly $6.39 billion at quarter-end, down from $6.91 billion at the end of 2025.
During the second quarter, Nucor repurchased approximately 1.53 million shares at an average price of $228.76 per share.
Outlook
The company expects higher consolidated reported earnings in the third quarter of 2026. Steel Mills segment earnings are projected to increase on higher realized pricing across all major product categories, with volumes expected to remain stable. Steel Products segment earnings are anticipated to improve on higher volumes and realized pricing. However, Raw Materials segment earnings are expected to decline due to lower margins.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
The consensus estimate has shifted 7.79% due to these changes.
VGM Scores
At this time, Nucor has a great Growth Score of A, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the top 40% for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Nucor has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

Why Is Nucor (NUE) Down 6.8% Since Last Earnings Report?

Shares of Nucor Corporation (NUE) rose 0.4% after trade talks between the United States and Canada collapsed on Friday as Canada gears up to target American steelmakers in retaliatory tariffs beginning Sept. 8
Advanced Micro Devices, Inc.’s (AMD) shares declined 3.5% on the broader chip decline.
Shares of Texas Instruments Incorporated (TXN) fell 2.1% on the broader chip decline.
Coherent Corp.’s (COHR) shares slid 4.9% on the broader tech decline.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

Company News for Aug 25, 2026

The S&P 500 Index ($SPX) (SPY) is down by -0.27% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -1.00%. E-mini S&P futures (ESU26) are down -0.26%, and September E-mini Nasdaq futures (NQU26) are down -1.05%.
Stock indices are mixed today, with the Nasdaq 100 falling to a 3-week low. The broader market is under pressure today amid the weakness in chipmakers and AI-infrastructure stocks. Also, weighing on market sentiment was the collapse of trade talks late last Friday between Canada and the US, prompting the US to apply a 50% tariff on about $20 billion of Canadian goods. Canada announced retaliation on US goods that will take effect on September 8.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stock losses are limited as crude oil prices are down more than -2%, pushing inflation expectations and bond yields lower. The 10-year T-note yield is down -3 bp to 4.70%.
Today’s US economic news showed the July Chicago Fed national activity index fell -0.14 to -0.08, slightly stronger than expectations of -0.09.
Markets await a press conference later today from US Treasury Secretary Bessent, who will detail plans to isolate Iran’s economy. Mr. Bessent told the Financial Times that "The world should realize that our objective is to sever every economic lifeline that sustains the tyrannical regime until Iran stands alone." Iran's secretary of the Supreme National Security Council responded by saying, "Iran will regard any country's participation in or support for America's economic war against the Iranian people as an act of war and not a single drop of oil will be exported, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf."
Oct WTI crude oil prices (CLV26) are down more than -2% today after Axios reported that about 40 tankers transited out of the Strait of Hormuz last Friday night, transporting around 16 million bbl of crude. Also, the Joint Maritime Information Center cut the threat level for shipping in the Gulf of Oman to “moderate,” one step lower than the previous assessment. The moderate assessment means the threat of attack on shipping off the coast of Oman is possible but not likely.
President Trump has said that the US naval blockade on Iranian ports is putting pressure on the country, and he has no timeline for resolving the US-Iran conflict. Also, US Energy Secretary Chris Wright said that the US is playing the long game with Iran, implying the US has no plans to de-escalate the conflict, potentially limiting crude supplied from the Middle East.
The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 468 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 40% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite fell to a2.5-week low and closed down -0.59%. Japan's Nikkei-225 Stock Average closed down -0.74%.
Interest Rates
September 10-year T-notes (ZNU6) are up by +7 ticks today. The 10-year T-note yield is down -3.6 bp to 4.698%. T-notes are climbing today amid weakness in crude oil prices, which weakens inflation expectations. T-notes also have safe-haven support from today’s stock market weakness. T-notes added to their gains today on a report from CNBC that said the Treasury could use the Treasury General Account, which had a balance of $935 billion on August 20, to fund expanded buybacks of higher-yielding, older government securities.
Supply pressures are limiting the upside in T-note prices as the Treasury will auction $211 billion of T-notes and floating rate notes this week, beginning with Tuesday’s $69 billion auction of 2-year T-notes.
European government bond yields are moving lower today. The 10-year German bund yield is down -0.3 bp to 3.255%. The 10-year UK gilt yield is down -0.1 bp to 5.059%.
ECB Executive Board member Piero Cipollone said, "In the event of a supply-side shock, such as the oil shock, hiking interest rates so as to stabilize inflation around the target could dampen economic growth that is already affected by a negative shock."
Markets are discounting a 96% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are under pressure today, weighing on the broader market. Sandisk (SNDK) is down more than -8% to lead losers in the S&P 500 and Nasdaq 100, and Western Digital (WDC), Micron Technology (MU), and Seagate Technology Holdings Plc (STX) are down more than -6%. Also, Marvell Technology (MRVL) and Intel (INTC) are down more than -4%, and Lam Research (LRCX), Advanced Micro Devices (AMD), and Microchip Technology (MCHP) are down more than -3%. In addition, Applied Materials (AMAT), Nvidia (NVDA), ARM Holdings Plc (ARM), KLA Corp (KLAC), NXP Semiconductors NV (NXPI), and Texas Instruments (TXN) are down more than -2%.
Energy producers and service providers are sliding today with WTI crude oil down more than -2%. APA Corp (APA), Diamondback Energy (FANG), Halliburton (HAL), Occidental Petroleum (OXY), and SLB Ltd (SLB) are down more than -2%. Also, Baker Hughes (BKR), Chevron (CVX), Devon Energy (DVN), and ExxonMobil Holdings (XOM) are down more than -1%.
US Steel producers are climbing today on the tariffs imposed on Canadian steel makers. Cleveland-Cliffs (CLF) is up more than +6%, Nucor (NUE) is up more than +3%, and Steel Dynamics (STLD) is up more than +2%.
Homebuilders and suppliers are moving higher today with the decline in T-note yields, a supportive factor for housing demand. Lennar (LEN) is up more than +2%, and DR Horton (DHI), Pulte Group (PHM), KB Home (KBH), and Builders Firstsource (BLDR) are up more than +1%.
Regenxbio (RGNX) is down more than -22% after the FDA placed a clinical hold on its investigational gene therapy RGX-121 for Hunter Syndrome, citing the discovery of either small nodules or a cystic mass in spine MRIs of five trial participants.
Applied Optoelectronics (AAOI) is down more than -12% after announcing that it filed for a possible offering of $600 million in shares of common stock.
Mastercard (MA) is up more than +3%, and Visa (V) is up more than +2% to lead gainers in the Dow Jones Industrials after CNBC reported that President Trump in June reshuffled his portfolio in June and bought shares of the companies.
Darden Restaurants (DRI) is up more than +2% after Baird upgraded the stock to outperform from neutral with a price target of $250.
Earnings Reports (8/24/2026)
Napco Security Technologies (NSSC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Rout in Chipmakers Weighs on Broader Market

The S&P 500 Index ($SPX) (SPY) is down by -0.43% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -1.41%. E-mini S&P futures (ESU26) are down -0.36%, and September E-mini Nasdaq futures (NQU26) are down -1.36%.
Stock indices are mixed today, with the Nasdaq 100 falling to a 3-week low. The broader market is under pressure today amid the weakness in chipmakers and AI-infrastructure stocks. Also, weighing on market sentiment was the collapse of trade talks late last Friday between Canada and the US, prompting the US to apply a 50% tariff on about $20 billion of Canadian goods. Canada announced retaliation on US goods that will take effect on September 8.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stock losses are limited as crude oil prices are down more than -2%, pushing inflation expectations and bond yields lower. The 10-year T-note yield is down -2 bp to 4.71%.
Today’s US economic news showed the July Chicago Fed national activity index fell -0.14 to -0.08, slightly stronger than expectations of -0.09.
Markets await a press conference later today from US Treasury Secretary Bessent, who will detail plans to isolate Iran’s economy. Mr. Bessent told the Financial Times that "The world should realize that our objective is to sever every economic lifeline that sustains the tyrannical regime until Iran stands alone." Iran's secretary of the Supreme National Security Council responded by saying, "Iran will regard any country's participation in or support for America's economic war against the Iranian people as an act of war and not a single drop of oil will be exported, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf."
Oct WTI crude oil prices (CLV26) are down more than -1% today after Axios reported that about 40 tankers transited out of the Strait of Hormuz on Friday night, transporting around 16 million bbl of crude. Also, the Joint Maritime Information Center cut the threat level for shipping in the Gulf of Oman to “moderate,” one step lower than the previous assessment. The moderate assessment means the threat of attack on shipping off the coast of Oman is possible but not likely.
President Trump has said that the US naval blockade on Iranian ports is putting pressure on the country, and he has no timeline for resolving the US-Iran conflict. Also, US Energy Secretary Chris Wright said that the US is playing the long game with Iran, implying the US has no plans to de-escalate the conflict, potentially limiting crude supplied from the Middle East.
The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 468 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 40% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.17%. China's Shanghai Composite fell to a2.5-week low and closed down -0.59%. Japan's Nikkei-225 Stock Average closed down -0.74%.
Interest Rates
September 10-year T-notes (ZNU6) are up by +5 ticks today. The 10-year T-note yield is down -2.4 bp to 4.710%. T-notes are climbing today amid weakness in crude oil prices, which weakens inflation expectations. T-notes also have safe-haven support from today’s stock market weakness. T-notes added to their gains today on a report from CNBC that said the Treasury could use the Treasury General Account, which had a balance of $935 billion on August 20, to fund expanded buybacks of higher-yielding, older government securities.
Supply pressures are limiting the upside in T-note prices as the Treasury will auction $211 billion of T-notes and floating rate notes this week, beginning with Tuesday’s $69 billion auction of 2-year T-notes.
European government bond yields are moving lower today. The 10-year German bund yield is down -0.1 bp to 3.257%. The 10-year UK gilt yield is down -0.1 bp to 5.059%.
ECB Executive Board member Piero Cipollone said, "In the event of a supply-side shock, such as the oil shock, hiking interest rates so as to stabilize inflation around the target could dampen economic growth that is already affected by a negative shock."
Markets are discounting a 96% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are under pressure today, weighing on the broader market. Sandisk (SNDK) is down more than -9% to lead losers in the S&P 500 and Nasdaq 100, and Marvell Technology (MRVL), Western Digital (WDC), Micron Technology (MU), and Seagate Technology Holdings Plc (STX) are down more than -6%. Also, Intel (INTC) and Lam Research (LRCX) are down more than -4%, and Advanced Micro Devices (AMD) and Microchip Technology (MCHP) are down more than -3%. In addition, Applied Materials (AMAT), Nvidia (NVDA), ARM Holdings Plc (ARM), KLA Corp (KLAC), and NXP Semiconductors NV (NXPI) are down more than -2%.
US Steel producers are climbing today on the tariffs imposed on Canadian steel makers. Cleveland-Cliffs (CLF) is up more than +8%, and Steel Dynamics (STLD) is up more than +5% to lead gainers in the S&P 500. Also, Nucor (NUE) is up more than +4%.
Homebuilders and suppliers are moving higher today with the decline in T-note yields, a supportive factor for housing demand. Builders Firstsource (BLDR) is up more than +3%, and DR Horton (DHI), Lennar (LEN), Pulte Group (PHM), KB Home (KBH), and Toll Brothers (TOL) are up more than +1%.
Regenxbio (RGNX) is down more than -21% after the FDA placed a clinical hold on its investigational gene therapy RGX-121 for Hunter Syndrome, citing the discovery of either small nodules or a cystic mass in spine MRIs of five trial participants.
Applied Optoelectronics (AAOI) is down more than -15% after announcing that it filed for a possible offering of $600 million in shares of common stock.
Visa (V) and Mastercard (MA) are up more than +2% after CNBC reported that President Trump in June reshuffled his portfolio in June and bought shares of the companies.
Darden Restaurants (DRI) is up more than +2% after Baird upgraded the stock to outperform from neutral with a price target of $250.
Earnings Reports (8/24/2026)
Napco Security Technologies (NSSC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Pressured by Weakness in Chipmakers and AI-Infrastructure Stocks

The S&P 500 Index ($SPX) (SPY) closed up by +0.21% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.22%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.22%. E-mini S&P futures (ESU26) rose +0.20%, and September E-mini Nasdaq futures (NQU26) fell -0.21%.
Stock indices settled mixed on Wednesday, with the Nasdaq 100 falling to a 1.5-week low. The broader market was supported on Wednesday by lower US bond yields. The 10-year T-note yield dropped -5 bp to 4.65% on Wednesday after the US Treasury announced that it will boost liquidity and double the size of buybacks for longer-dated nominal coupon securities to at least $4 billion. However, weakness in chipmaker and AI-infrastructure stocks continued for a second day on Wednesday, weighing on the Nasdaq 100.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Also, on the positive side for stocks, Moderna surged more than +176% on Wednesday after announcing a positive result from its personalized cancer vaccine trial with Merck & Co. In addition, the Trump administration delayed 50% tariffs on some Canadian products for three days late Tuesday, less than two hours before the tariffs were set to take effect, saying the two sides had reached a tentative agreement.
US MBA mortgage applications fell -0.4% in the week ended August 14, with the purchase mortgage sub-index down -2.0% and the refinancing mortgage sub-index up +1.5%. The average 30-year fixed-rate mortgage was unchanged from the prior week at 6.77%.
The minutes of the July 28-29 FOMC meeting were slightly hawkish as many Fed officials indicated that policy tightening would be necessary if inflation didn't decline. The minutes showed participants' inflation outlooks were "highly uncertain," and re re-escalation of the Iran war "clouded the inflation outlook." Officials described the labor market as stable, with labor demand and supply in balance.
The lack of a clear path to a resolution in the Middle East is keeping the Strait of Hormuz closed and limiting crude supplies from the Middle East, keeping upward pressure on oil prices. Sep WTI crude oil prices (CLU26) rallied more than +1% to a fresh 3-week high on Wednesday as Middle East tensions intensified after the United Arab Emirates said it was cutting all economic ties with Iran after accusing Iran of firing ballistic missiles at its territory.
President Trump said he's not interested in extending the expired agreement with Iran, dimming prospects for a swift reopening of the Strait of Hormuz. Mr. Trump also said that the US naval blockade on Iranian ports is putting pressure on the country, and he has no timeline for resolving the US-Iran conflict.
On Monday, US Energy Secretary Chris Wright said that the US is playing the long game with Iran, implying the US has no plans to de-escalate the conflict, potentially limiting crude supplied from the Middle East.
Treasury Secretary Bessent said last week that the administration will soon announce unprecedented economic measures against Iran that “have never been seen in the history of economic isolation of a country.” The economic measures would add to the current US naval blockade of Iranian ports.
There have been no signs of progress toward a US-Iran agreement to fully open the Strait of Hormuz. An Iranian military spokesperson said last Thursday that no ship can safely pass the Strait of Hormuz without Iran’s authorization and supervision and that President Trump’s claims of control over the Strait are “nothing more than lies.” The Iranian statement was in response to President Trump's comment last Tuesday that the US has “total control over the Hormuz Strait” and that “we own it.”
The outlook for strong Q2 earnings is a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 85% of the 459 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 32% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 fell to a 2-week low and closed down -0.37%. China's Shanghai Composite fell to a 1.5-week low and closed down -2.40%. Japan's Nikkei-225 Stock Average slid to a 1.5-week low and closed down sharply by -3.16%.
Interest Rates
September 10-year T-notes (ZNU6) closed up by +7 ticks on Wednesday. The 10-year T-note yield fell -5.3 bp to 4.651%. Sep T-notes moved higher on Wednesday after the US Treasury announced that it will at least double the maximum size of its liquidity support buyback operations for longer-dated nominal coupon sizes to at least $4 billion per operation, effective September 9.
Gains in T-notes were limited amid higher crude oil prices, as WTI crude oil climbed more than +1% to a 3-week high on Wednesday, boosting inflation expectations. The 10-year breakeven inflation rate rose to a 2-month high of 2.321% on Wednesday. Also, weak demand for the Treasury’s $16 billion auction of 20-year T-bonds weighed on T-note prices as the auction had a bid-to-cover ratio of 2.53, weaker than the 10-auction average of 2.64.
European government bond yields were mixed on Wednesday. The 10-year German bund yield climbed to a 15-year high of 3.275% and finished up +0.3 bp to 3.262%. The 10-year UK gilt yield fell -3.6 bp to 5.044%.
UK July CPI rose +2.9% y/y, right on expectations. July core CPI rose +2.6% y/y, stronger than expectations of +2.5% y/y.
Markets are discounting a 96% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Mining stocks rallied sharply on Wednesday after metals prices surged when the Treasury announced that it was boosting its buybacks of longer-dated US government debt. Hecla Mining (HL) closed up more than +13%, and Coeur Mining (CDE) closed up more than +11%. Also, Anglogold Ashanti (AU) closed up more than +10%, and Newmont Corp (NEM) and Barrick Mining (B) closed up more than +7%. In addition, Freeport McMoRan (FCX) closed up more than +3%, and Southern Copper (SCCO) closed up more than +2%.
Software stocks moved higher on Wednesday, supporting the overall market. ServiceNow (NOW) and Atlassian Corp (TEAM) closed up more than +6%, and Salesforce (CRM) closed up more than +5%. Also, Thomson Reuters (TRI) closed up more than +4%, and Workday (WDAY), Intuit (INTU), and Adobe Systems (ADBE) closed up more than +3%. In addition, Palantir Technologies (PLTR) closed up more than +2%, and Autodesk (ADSK), and International Business Machines (IBM) closed up more than +1%.
Cryptocurrency-exposed stocks surged on Wednesday as Bitcoin (^BTCUSD) rallied more than +5% to a 2.5-month high. Strategy (MSTR) closed up more than +12% to lead gainers in the Nasdaq 100, and Circle Internet Group (CRCL) and Coinbase Global (COIN) closed up more than +9%. Also, Galaxy Digital Holdings (GLXY) closed up more than +8%, and MARA Holdings (MARA) closed up more than +7%. In addition, Riot Platforms (RIOT) closed up more than +2%.
Chipmakers and AI-infrastructure stocks retreated for a second day on Wednesday, weighing on the Nasdaq 100. The iShares Semiconductor ETF (SOXX) closed down more than -2%. Seagate Technology Holdings Plc (STX) closed down more than -7% to lead losers in the S&P 500, and Western Digital (WDC) and Lam Research (LRCX) closed down more than -6%. Also, Broadcom (AVGO) closed down more than -4%, and Advanced Micro Devices (AMD), Applied Materials (AMAT), Intel (INTC), KLA Corp (KLAC), and Sandisk (SNDK) closed down more than -3%. In addition, ASML Holdings NV (ASML) closed down more than -2%.
Cybersecurity stocks moved lower on Wednesday, weighing on the overall market. Crowdstrike Holdings (CRWD) closed down more than -5%, and Palo Alto Networks (PANW), Fortinet (FTNT), and Cloudflare (NET) closed down more than -3%. Also, Okta (OKTA) closed down more than -1%, and Zscaler (ZS) closed down -0.60%.
US steel and aluminum companies fell on Wednesday after Bloomberg reported that a tentative trade deal between the US and Canada would reduce tariffs on certain Canadian metal exports to 25%. Steel Dynamics (STLD) closed down more than -7%, and Nucor (NUE) closed down more than -6%. Also, Century Aluminum (CENX) closed down more than -5%, Commercial Metals (CMC) closed down more than -4%, and Kaiser Aluminum (KALU) closed down more than -3%.
Moderna (MRNA) closed up more than +176% to lead gainers in the S&P 500, and Merck & Co (MRK) closed up more than +12% to lead gainers in the Dow Jones Industrials after the companies said their joint personalized cancer vaccine helped cut the recurrence of melanoma in a larger, late-stage trial.
Estee Lauder (EL) closed up more than +16% after reporting Q4 net sales of $3.63 billion, better than the consensus of $3.55 billion.
Marvell Technology (MRVL) closed up more than +9% after announcing an expanded chip-development partnership with Alphabet, including a warrant from Marvell allowing Google to buy as much as $12.2 billion in Marvell stock.
Toll Brothers (TOL) closed up +4% after reporting Q3 revenue of $2.66 billion, better than the consensus of $2.63 billion.
La-Z-Boy (LZB) closed down more than -17% after forecasting Q2 sales of $475.7 million, well below the consensus of $537 million.
Nebius Group NV (NBIS) closed down more than -9% to lead losers in the Nasdaq 100 after announcing the sale of $4.5 billion in aggregate of convertible senior notes due 2030 and 2034.
Mercury Systems (MRCY) closed down more than -4% after reporting Q4 adjusted EPS of 37 cents, below the consensus of 38 cents.
Earnings Reports (8/20/2026)
Deere & Co (DE), Ross Stores Inc (ROST), Walmart Inc (WMT).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Nucor Corporation

Sign up and unlock all the capabilities of the AI-screener