In a remarkable market shift, steel stocks experienced significant gains on Monday, bolstered by President Donald Trump's weekend announcement of impending tariffs on steel and aluminum imports. Cleveland-Cliffs led the charge, climbing 18%, followed by Nucor at 6%, Steel Dynamics at 5%, and U.S. Steel at 4%. Meanwhile, Monday.com shares soared by an impressive 30%, thanks to their fourth-quarter results surpassing expectations. Other notable movers include BP, which saw a 7.3% increase after Elliott Management's stake acquisition, and Rivian, with a 3.7% rise upon expanding its electric commercial van offerings in the U.S.
President Trump's statement on Sunday regarding a 25% tariff on steel imports ignited a surge in stocks tied to the metals sector. This announcement was received positively by investors, anticipating increased demand for domestic steel producers. Cleveland-Cliffs emerged as the top performer, gaining a substantial 18%, reflecting investor confidence in the company's future prospects.
In addition to the steel industry rally, Monday.com captured market attention with a remarkable 30% surge in share prices. The software company reported fourth-quarter results that exceeded Wall Street expectations, driving investor optimism and fueling the stock's upward momentum.
Energy giant BP also made headlines with a 7.3% increase in its stock value. Reports over the weekend revealed that Elliott Management had taken a stake in the company, prompting investors to react positively to the potential for strategic changes and renewed growth.
Rivian's shares experienced an uptick of over 3.7% after announcing that their electric commercial van is now available to all U.S. customers. This development represents a significant milestone for the electric vehicle manufacturer as it expands its market presence and accessibility.
On the technology front, GameStop saw a 7% jump in share prices after CEO Ryan Cohen posted a photo with MicroStrategy's Michael Saylor. This unexpected social media interaction sparked investor interest and speculation about potential collaborations or strategic moves.
However, not all stocks fared well. On Semiconductor shares plunged 9% following a fourth-quarter earnings and revenue miss. Despite posting adjusted earnings of 95 cents per share on revenue of $1.72 billion, the results fell short of market expectations, leading to a decline in investor confidence.
Semtech faced an even steeper decline, as its shares tumbled 30.8%. The company issued a cautionary statement suggesting that net sales from its CopperEdge products would likely fall below previous estimates, impacting investor sentiment negatively.
In contrast, Rockwell Automation demonstrated robust performance, with shares jumping 12.8% after reporting fiscal first-quarter adjusted earnings of $1.83 per share. The strong financial results fueled investor optimism and reinforced confidence in the company's growth trajectory.
Meanwhile, MicroStrategy's shares rose by more than 2%, indicating positive market sentiment surrounding the company's performance and strategic initiatives.
In another development, T-Mobile announced that its beta partnership for satellite texting with Elon Musk's Starlink is now open to all wireless customers. This expansion marks a significant step forward in enhancing communication capabilities for T-Mobile users across the country.
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