10 Stocks Boast Whopping Gains Amid Market Downturn

Ten companies boasted a strong performance on Tuesday, defying a broader market pessimism, following a series of macroeconomic developments that spurred buying appetite for their shares.

In contrast, the tech-heavy Nasdaq fell by 0.91 percent, the S&P 500 dropped by 0.84 percent, and the Dow Jones was down by 0.70 percent.

In this article, we highlight the 10 best-performing stocks and explore the reasons behind their gains.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and over 5 million in trading volume.

10. First Majestic Silver Corp. (NYSE:AG)

First Majestic saw its share prices grow by 3.39 percent on Tuesday to close at $8.55 apiece, as investor funds flocked to mining stocks following silver prices’ rally to a new all-time high.

As of 4:20 PM EST, the spot prices of silver are up by 2.18 percent at $37.10 per troy ounce, with investors resorting to risk-safe assets such as precious metals amid the ongoing geopolitical tensions in the Middle East.

First Majestic Silver Corp. (NYSE:AG) is one of the publicly listed companies focused heavily on silver mining. In recent news, the company said it discovered a new silver-gold deposit called Santo Nino, one kilometer away from the Santa Elena mining property in Sonora, Mexico.

It was also able to ramp up the production of its Navidad deposit following successful drilling operations.

First Majestic Silver Corp. (NYSE:AG) said that the addition of Navidad and Sto. Nino raised the number of its hosted production sites to four, the others being Sta. Elena and Ermitano.

9. Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs rallied by 4.92 percent on Tuesday to finish at $7.67 apiece as investor sentiment was boosted by President Donald Trump’s decision to keep tariffs on UK steel imports.

At the sidelines of the G7 summit in Canada, President Donald Trump threatened to keep 25 percent duties on some or all of its steel imports from the UK unless it gives specific guarantees over the Indian-owned steelmaking plant at Port Talbot in South Wales.

“There’s further work to do in relation to steel, but we’re getting on and doing that work,” said UK Prime Minister Keir Starmer.

Duties on imported steel and aluminum products make domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to customers as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers.

Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio.