Market Insider

Construction stocks slide amid report that US infrastructure spending won't come until next year

Sergio Hernandez works on the median just east of the new I-25 interchange in Castle Rock, Colorado.
Helen H. Richardson | The Denver Post | Getty lmages

Several construction stocks did not fare well Thursday.

Shares of Fluor, Eagle Materials, Quanta Services and Vulcan Materials all dropped at least 1.3 percent. U.S. Steel's stock also plummeted, falling more than 7 percent. However, the company's shares have surged more than 300 percent over the past year.

Copper futures, meanwhile, posted their worst day since Sept. 22, 2015, settling 3.27 percent lower.

Copper futures intraday chart

Source: FactSet

The sharp moves lower came after Axios reported that President Donald Trump's infrastructure plans may be pushed back until 2018.

Axios, citing Republican sources, said that putting off any consideration of these plans would give lawmakers on Capitol Hill more breathing room to deal with a legislative calendar that already includes a Supreme Court nomination, tax reform and repealing Obamacare.

HeidelbergCement to benefit from Trump's wall and other infrastructure plans

The White House did not respond to CNBC's request for comment.

Hopes for infrastructure spending — along with prospects for tax reform and deregulation — have helped drive positive sentiment around the economy since the election. Reflecting this has been the U.S. stock market, which has reached record levels since Nov. 8.

Read Axios' full report here.

— CNBC's Gina Francolla contributed to this report.

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