U.S. Steel Stock Lower on Blocked Nippon Deal; Bears Respond

President Joe Biden blocked Japan-based Nippon Steel's $14.9 billion buyout of United States Steel Corp (NYSE:X). Biden highlighted national supply chains risks associated with placing one of the country's biggest steel producers under foreign control. At last glance, X is down 7.9% at $30.01.The shares are on track for their third loss in the last four sessions, extending their 34.5% year-over-year deficit after running into overhead pressure at the 20-day moving average. While a familiar floor at $30 is o ...