SLX is trading 3% up today at $108.79, benefiting from a broad risk-on move and strength in steel-related names.
- Investors are rotating into cyclicals like steel amid easing geopolitical risks, lower energy prices, and solid economic data.
- Major indices are providing a strong tailwind, with the S&P 500, Nasdaq, and Dow all climbing more than 1.5%.
- The move appears driven by sector and macro momentum, as no fresh fund-specific headlines have emerged.