Steelmakers Nucor and Steel Dynamics face sharp sell-offs after providing Q3 earnings outlooks that fell short of analyst estimates, overshadowing reports of stable market demand.
Nucor issued third-quarter earnings guidance below Wall Street expectations, causing shares to fall sharply and become the worst performer in the S&P 500.
Steel Dynamics provided guidance below analyst estimates, leading to a sharp decline in its share price amid weak demand pricing outlook.
Nucor and Steel Dynamics shares tumbled after both steelmakers issued third-quarter earnings guidance that missed Wall Street expectations. Despite management claims that demand and pricing remain firm, Nucor emerged as the worst-performing stock in the S&P 500 during morning trading.
Both companies provided third-quarter earnings guidance that disappointed investors by falling below Wall Street expectations, triggering a sharp sell-off.