Stock Market Today, July 23: Cleveland-Cliffs Stock Soars on Robust Steel Demand and Pricing
On July 23, 2026, the steelmaker told investors to expect earnings to continue improving.
Overview
Cleveland-Cliffs (NYSE:CLF), an integrated flat-rolled steel and iron ore producer, closed at $10.96, up 15.98%. Quarterly results and upbeat guidance drove the gain; investors are watching second-half earnings and third-quarter adjusted EBITDA.
Trading volume reached 64.1 million shares, coming in about 223% above its three-month average of 19.8 million shares.
The S&P 500 (SNPINDEX:^GSPC) fell 1.21% to 7,408, and the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 2.15% to 25,138. Among other domestic flat-rolled steel manufacturing names, Nucor (NYSE:NUE) closed at $241.15, up 2.23%, while Steel Dynamics (NASDAQ:STLD) closed at $240.57, up 0.81%, highlighting firmer trading in domestic steel peers.
Details
Cleveland-Cliffs confirmed today that the domestic steel market is thriving. Revenue improved both sequentially and year over year as steel pricing and demand remain strong.
Source
Originally published at www.fool.com.