Materials Slide As Risk Aversion Rules (X, AKS, IP, CLF)

Materials stocks are noticeably weak today. This is directly the result of the weaker-than-expected durable goods and new home sales reports today. Steel names are especially weak with U.S. Steel X down 2.57% and AK Steel AKS down 2.11%. International Paper IP is lower by 3.51% and earlier made a fresh 52-week low of $19.69. Cliffs Natural Resources CLF is lower by 1.94% to $56.69. All these stocks are cyclical plays linked to the global growth story. Investors are pulling back on risk due to continued economic weakness at home and abroad.