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Nucor’s 63% Rally Hits A Wall—What Changed?

Nucor Corporation had been one of 2026’s standout industrial winners, rising 63% through September 17 as U.S. steel prices surged and investors embraced a powerful mix of infrastructure spending, data-center construction, manufacturing reshoring and tighter domestic supply. Then the rally abruptly ran into resistance. Shares fell nearly 6% after Nucor issued third-quarter earnings guidance below Wall Street expectations, making it the S&P 500’s worst-performing stock for the session. The reaction looks striking because benchmark U.S. steel prices have climbed roughly 30% this year and 49% over the past 12 months. Yet the latest guidance does not point to falling earnings: adjusted EPS of $5.55-$5.65 would still represent a meaningful sequential improvement from second-quarter adjusted EPS of $4.84. That leaves investors with a more complicated question.