Steel ETF (SLX) Rises Sharply Amid Renewed Trump Infrastructure Hopes

Share This Article
May 23, 2017 11:43am NYSE:SLX

NYSE:SLX | News, Ratings, and Charts

The Market Vectors Steel ETF (NYSE:SLX) was on the rise Tuesday morning, as several major steel stocks that comprise the fund’s holdings posted big gains.


Without any company earnings or industry news to speak of, the general assumption is that big money is getting ahead of a possible infrastructure plan from President Trump. The president is slated to deliver an initial budget proposal today, which reportedly includes deep cuts to Medicare. From the New York Times:

The document, grandly titled “A New Foundation for American Greatness,” encapsulates much of the “America first” message that powered Mr. Trump’s campaign. It calls for an increase in military spending of 10 percent and spending more than $2.6 billion for border security — including $1.6 billion to begin work on a wall on the border with Mexico — as well as huge tax reductions and an improbable promise of 3 percent economic growth.

Today’s rally in steel names follows last week’s major midweek market pullback amid impeachment worries, which seem to have firmly dissipated now.

Steel names showing strength today include: RS (up 4.2%), X (up 3.8%), SCHN (up 3.6%), STLD (up 3.2%), NUE (up 2.8%), and WOR (up 2.6%).

On the ETF side of things, the Market Vectors Steel ETF (NYSE:SLX) was trading at $37.36 per share on Tuesday morning, up $0.62 (+1.69%). Year-to-date, SLX has declined -1.14%, versus a 7.31% rise in the benchmark S&P 500 index during the same period.

SLX currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #62 of 127 ETFs in the Commodity ETFs category.


7 Best ETFs for the NEXT Bull Market

Read Next



Free Investing Ideas Newsletter!

Join over 70,000 investors who get the latest insights and top rated picks from our free investment newsletter.

Most Popular



5 WINNING Stock Chart Patterns

Explore More from ETFDailyNews.com

Free Investment Newsletter

Join over 70,000 investors who get the latest insights and top rated picks from our free investment newsletter.

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories