Materials Stocks Pounded On Weak Chinese Import Data (AA, CLF, FCX, X)

Materials stocks are broadly lower today after a report showed China's imports grew weaker than expected. Annual import growth slowed to 22.7 percent from 34.1 percent in June, the General Administration of Customs said on Tuesday. Weaker import growth is a sign that Chinese investment is slowing. Since China is the largest consumer of raw materials, it is only natural that materials stocks are extremely weak today. Alcoa

is sharply lower, off 46 cents, or 3.95%, to $11.20. Cliffs Natural Resources

is down $2.43, or 3.89%, to $60.03. Freeport-McMoRan Copper & Gold

is down $2.41, or 3.22%, to $72.32. U.S. Steel

is lower by $1.54, or 3.15%, to $47.32.