Shares of aluminum companies are trading higher amid sympathy with peer Century Aluminum after the company reported Q2 financial results.

Stock Market Today, Oct. 16: Tech Stocks Plunge as AI Software Valuations Reverse

Major tech indices declined on October 16, 2026, as AI-focused software stocks experienced a sharp reversal. The S&P 500 fell 1.07%, the Nasdaq Composite plummeted 2.15%, and the Dow Jones slipped 0.34%. Goldman Sachs reported that hedge funds sold AI stocks at the second-fastest pace in over a year, triggering a tactical rotation away from smaller AI names toward larger, steadier companies and defensive stocks.

Nasdaq 100 Slides As Micron, SanDisk, CoreWeave Sink: Stock Market Today

The Nasdaq 100 fell 1.5% at midday Friday as memory chips and AI-debt names sold off, while Fed Chair Warsh declined to rule out an October hike after hot CPI and PPI. WTI held near $96, the 10-year yield hovered around 5.1%, gold bounced toward $4,200 and bitcoin traded near $81,300.

Alcoa: 3 Key Takeaways for Long-Term Investors

Alcoa outlined its strategy following its $2.6 billion debt financing for the AliGroup acquisition, prioritizing debt reduction post-closing in H1 2027. The company agreed to sell its Massena East site for up to $315 million as part of a $500 million to $1 billion asset monetization program through 2030. Operational improvements drove six production records year-to-date, with sequential aluminum output increasing by 15,000 metric tons in Q3.

Shares of aluminum-related companies are trading higher after Alcoa's better-than-expected Q3 adjusted EPS results and comments that inventories leave little room for another market shock. Also, reports suggesting that U.S. Commerce Secretary Lutnick is refusing to give concessions to Mexican aluminum imports may also aid sentiment for the sector.

Shares of steel and industrial metal-related companies are trading higher. July's Factor Order data could signal growing demand, and the Beige Book noted increased manufacturing activity across most districts.

Ferroglobe Comments on European Commission's Initiation of Interim Review of Antidumping Measures on Chinese Silicon Metal Imports

The European Commission has initiated an interim review of antidumping duties on silicon metal imports from China, following a request by Euroalliages on behalf of the EU silicon metal industry. The investigation will examine whether Chinese silicon metal has been sold at unfair prices and caused material injury to EU producers. Ferroglobe views this as a positive step toward fair competition and market protection in Europe's silicon metal sector.