U.S. Steel down on tariff news; Teva mixed after negative week

By James McCandless

San Antonio, May 31 – At the end of a short week, the distressed debt market was pushed lower on new trade climate worries.

United States Steel Corp.’s notes declined on news that the Trump administration would impose tariffs on all products coming from Mexico.

Sector peer AK Steel Holding Corp.’s issues finished mixed.

Elsewhere, in the pharma space, Teva Pharmaceutical Industries Ltd.’s paper also closed the day mixed after a week of negative headlines.

Mallinckrodt plc, another drugmaker, saw its notes also lose during the session.

In retail, J.C. Penney Co., Inc.’s issues gained before receiving a ratings downgrade.

PetSmart, Inc.’s paper continued to improve.

Oil futures continued to drag, taking with it Ensco Rowan plc’s and Alta Mesa Resources, Inc.’s notes while California Resources Corp.’s issues were mixed.

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