Steel Stocks — The steel industry has always been sensitive to the temperature of the economy, and they’re getting rocked by a slew of headwinds.
Higher energy costs are shrinking margins. Lockdowns in China have reduced demand in one of the world’s biggest steel markets. Rising interest rates suggest slower demand going forward.
Investors don’t expect much growth from this industry overall, so as long as the big players can keep dividends and buybacks flowing, they should be able to weather the storm.
Nucor, Steel Dynamics, and U.S. Steel dropped by 11.31%, 8.99%, and 8.63%, respectively.
DISH Network ($DISH) — You’d think the streaming revolution would kill a company like DISH, but they’re still kicking. Unfortunately, the stock is at the same level it was in 2002.
Believe it or not, there’s still a segment of Americans that like good ol’ linear TV. Its streaming arm, Sling TV, competes with YouTube TV and other streaming-like services that operate more like a traditional TV package.
Investors hope that the legacy DISH business can keep chugging along while Sling TV continues to grow. But there’s never been more competition in that space than there is today, so it’ll be an uphill climb.
It ended the session down 6.27%.
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