Shares of steel and aluminum-related companies are trading lower amid expectations for progress on a U.S.-Canada trade agreement before the weekend. A trade framework may lessen investor interest in finished metals producers that would have benefitted from domestic U.S. production under continued tariffs.

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.

'US Steel Prices Climb to Four-Year High as Trump’s Tariffs Bite' - Bloomberg

https://www.bloomberg.com/news/articles/2026-10-16/us-steel-prices-climb-to-four-year-high-as-trump-s-tariffs-bite

Algoma Steel Group Inc. Provides Guidance for the Third Quarter 2026

Algoma Steel reported Q3 2026 guidance with expected steel shipments of approximately 145,000 tons and Adjusted EBITDA between negative $10-20 million. The company successfully restored full power at Lake Superior Power plant after a turbine replacement and expects first heat from EAF Unit Two in the coming days. Despite near-term headwinds from the power outage and lower shipment volumes, management expressed optimism about improved steel prices and the company's transformation progress.