Benzinga Morning Update: Oil Continues Lower, Semis Drop After ASML Earnings, Steel And Aluminum Rise On Reports Biden Wants To Triple China Tariffs
Portfolio Pulse from Benzinga Newsdesk
Oil prices and semiconductor stocks fell, with the latter influenced by ASML's earnings report. Meanwhile, steel and aluminum stocks rose amid reports that President Biden is considering tripling tariffs on China.
April 17, 2024 | 2:42 pm
News sentiment analysis
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NEGATIVE IMPACT
The United States Oil Fund, LP (BNO) may experience a decline due to the continued drop in oil prices.
As oil prices fall, funds like BNO that track the price of oil are likely to see a decrease in value.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
VanEck Vectors Semiconductor ETF (SMH) likely saw a decrease following the drop in semiconductor stocks after ASML's earnings report.
ASML's earnings report negatively impacted semiconductor stocks, likely causing a decrease in SMH's value.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
United States Oil Fund, LP (USO) may see a decrease in value due to the ongoing decline in oil prices.
The decline in oil prices is likely to negatively affect USO's performance, as it tracks the price of oil.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Alcoa Corp's stock is likely to rise due to reports of increased tariffs on China, which could benefit domestic producers.
Increased tariffs on China could reduce competition for Alcoa Corp, potentially increasing demand for its aluminum products.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Steel Dynamics, Inc. (STLD) is expected to benefit from the potential increase in tariffs on China, possibly boosting its stock price.
The proposed increase in tariffs on China could lead to higher demand for domestic steel, benefiting Steel Dynamics.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
United States Steel Corporation (X) stands to gain from reports of increased tariffs on China, potentially improving its competitive position.
The potential tripling of tariffs on China could benefit U.S. Steel by reducing foreign competition and increasing demand for domestic steel.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80