Ten companies boasted a strong performance in Tuesday’s trading session, defying a generally pessimistic wider market sentiment, on the back of key economic developments that spilled over to their stocks.
Only the Dow Jones finished in the green among all major indices, jumping by 0.91 percent. In contrast, the S&P 500 and the tech-heavy Nasdaq both dropped by 0.11 percent and 0.82 percent, respectively.
In this list, we highlight the names of the 10 best-performing stocks and detail the reasons behind their gains.
To come up with the list, we considered only stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.
10. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)
Polestar Automotive rebounded by 6.54 percent on Tuesday to close at $1.14 apiece as investors cheered the European Union’s (EU) supposed approval of President Donald Trump’s trade arrangement, as the deadline for a trade deal with the US looms for the bloc.
According to a report by Bloomberg, the EU would accept Trump’s 10-percent universal tariff on all US imports, but wants Washington to commit to lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft.
The EU was said to be pushing the US for quotas and exemptions to effectively lower the 25-percent tariff on automobiles and car parts, as well as the 50-percent tariff on steel and aluminum imports.
Investors took the development positively, spilling over to Europe-based companies, including Polestar Automotive Holding UK PLC (NASDAQ:PSNY), as the bloc scrambles to reach a trade agreement by the July 9 deadline.
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Sweden-based electric vehicle maker owned by Volvo Cars and Geely.
9. Cleveland-Cliffs Inc. (NYSE:CLF)
Cleveland-Cliffs rallied for a second day on Tuesday, adding 6.84 percent to close at $8.12 apiece as investors cheered the official launch of its $150-million finishing line at an Ohio mill.
The facility is a state-of-the-art Vertical Stainless Bright Anneal Line at its Coshocton Works facility in Coshocton, Ohio, and is ready to supply premium stainless steel for high-end automotive and critical appliance applications.
According to Cleveland-Cliffs Inc. (NYSE:CLF), the new annealing line uses a 100 percent hydrogen atmosphere, replacing the conventional acid-based processing, and includes a hydrogen recovery unit to recycle hydrogen and use a 50/50 mix of new and used hydrogen in the process.
“Since acquiring AK Steel in 2020, our stainless steel business has been the most consistent profit-generating unit for Cleveland-Cliffs. This new line at Coshocton only enhances that, with an expected quick payback on this major investment,” said Cleveland-Cliffs Inc. (NYSE:CLF) President and CEO Lourenco Goncalves.
“By using hydrogen and advanced automation, we’re dramatically improving the quality and productivity of this critical product that our customers rely upon Cleveland-Cliffs for. As we embrace the new competitive landscape in the domestic steel industry, our profitability prospects are only getting stronger,” he underscored.
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