Materials Stocks Slammed In Early Trading (X, AKS, FCX, AA)

Stocks in the basic materials sector are getting slammed in early trading today. Steel names U.S. Steel X and AK Steel AKS are down 3.80% and 5.01%, respectively. Copper producer Freeport-McMoRan FCX is down $1.98, or 3.00%, to $64.00 Aluminum maker Alcoa AA is down 13 cents, or 1.14%, to $10.82. Investors may be selling these names ahead of Alcoa's quarterly report after the close tonight. Investors have become concerned that demand for basic materials will weaken as China's economy cools. If Alcoa issues a positive report after the close today basic materials names will undoubtedly reverse course and move higher.