Why Cleveland-Cliffs Inc. (CLF) Is Skyrocketing Today?

We recently published a list of 10 Stocks Skyrocketing Today. In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other stocks that are skyrocketing today.

The stock market ended mixed on Wednesday, with the Dow Jones emerging as the sole decliner, as investors digested more news of tariff threats from President Donald Trump.

The Dow dropped by 0.20 percent, while the S&P 500 and Nasdaq clocked in gains of 0.49 percent and 1.22 percent, respectively.

Meanwhile, 10 companies, predominantly those riding the AI wave, were touted as investors’ haven, clocking in gains during a cautious trading session.

In this article, we have identified the 10 strongest firms on Wednesday and detailed the reasons behind their performance.

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

A welder in a hardhat soldering steel plates to a blueprint plan.

Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs rallied by 8.54 percent on Wednesday to end at $9.79 apiece, in line with its counterparts, following President Donald Trump’s imposition of 25 percent tariffs on all steel and aluminum imports entering the US.

According to Trump, the imposition of new tariffs was aimed at correcting the perceived trade imbalance while supporting the domestic steel and aluminum industry.

The latest salvo spelled good news for CLF, an American steel manufacturer based in Ohio, as it could lead to lower competition for US steelmakers and cheaper prices offered to consumers.

Lourenco Goncalves, CLF’s chief executive officer, earlier expressed his support for the imposition of tariffs on imports, saying that they can make a “long-term positive impact” in making “America a manufacturing superpower once again.”

Overall, CLF ranks 8th on our list of stocks that are skyrocketing today. While we acknowledge the potential of CLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CLF but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

Disclosure: None. This article is originally published at Insider Monkey.