New York, Feb 14, 2026, 13:07 EST — The market has closed.
- The Materials Select Sector SPDR Fund (XLB) added 0.9% Friday, closing at $53.31.
- Metal producers took a hit after reports suggested Trump could roll back parts of the steel and aluminium tariffs.
- Markets get back to business Tuesday, coming off the U.S. Presidents Day break. PCE inflation figures are on deck for Feb. 20.
Basic materials names in the U.S. wrapped up the week stronger. The Materials Select Sector SPDR Fund (XLB), which tracks a group of materials stocks, rose 0.9% to $53.31 on Friday.
Tariff headlines resurfaced after the Financial Times said the Trump administration might roll back certain steel and aluminium duties—a potential blow for U.S. producers, but a break for buyers squeezed by higher costs. Shares of American steel and aluminium companies dropped at the open. London aluminium prices tracked lower, touching a one-week trough after the news, according to Reuters.
Inflation was the other story in the mix. U.S. consumer prices in January came in softer than forecasts, but core inflation didn’t cool quite enough to sway the Fed from its cautious stance, according to Reuters. “Price pressures remain a little too hot for comfort,” said James McCann, senior economist for investment strategy at Edward Jones. Reuters
XLB tracks the materials sector of the S&P 500, covering everything from chemicals to metals and mining, plus paper, forest products, containers, packaging, and construction materials, according to State Street Global Advisors.
The mining stocks got a lift from gold’s rebound. Spot gold gained over 2% Friday after the latest CPI numbers rekindled bets on rate cuts, trading near $5,022 an ounce in the U.S. afternoon, according to Reuters. “Gold, and particularly silver, is enjoying a relief rally,” independent metals trader Tai Wong said. Reuters
Shares of Freeport-McMoRan edged up 1.3%, finishing the session at $62.84, with Newmont leaping 6.5% to close at $125.80, MarketWatch reported.
Steel stocks dropped as traders weighed the fallout from a potential tariff shakeup on industry pricing and profits. On Friday, Cleveland-Cliffs shares dropped 3.4%, Steel Dynamics finished down 3.9%, and Nucor slipped 2.9%, according to Barron’s.
Aluminium slid 0.9% to $3,074 a metric ton late in London, having earlier shed up to 2.7%, according to Reuters. “News that the U.S. may roll back parts of its aluminium tariff regime has introduced an extra layer of uncertainty,” ING’s Ewa Manthey said. But price pressure, Morgan Stanley’s Amy Gower noted, wouldn’t really hit unless tariff cuts target primary metal. Reuters
The policy outlook remains unresolved. An administration official dismissed talk of rolling back tariffs as “baseless speculation,” according to comments given to Platts on Friday. The White House, for its part, pushed back against the rumors. SP Global
U.S. stock and options markets shut down Monday for Presidents Day, Nasdaq said. Trading resumes Tuesday, Feb. 17.
Tariffs aside, Friday brings the U.S. Personal Income and Outlays data, featuring the Personal Consumption Expenditures price index. That’s the inflation reading the Fed watches most closely. The BEA’s calendar has it set for Feb. 20.
