Tariffs to Set US Materials Up for Best Earnings in Five Years

While tariffs and shaky consumer confidence continue to create headwinds for corporate America, they’re set to lift earnings growth for US materials stocks to the highest in five years.

Materials stocks — a group of companies ranging from steelmaker Nucor Corp. and paint maker Sherwin-Williams Co. to packaging manufacturers including Smurfit WestRock Plc and Ball Corp. — are set to see earnings rise 20% in 2026, Bloomberg Intelligence data shows. Only tech earnings are expected to grow faster.

Constituents active in the metals and packaging industries are set to get the biggest lift, as trade protections strengthen steel prices and ...