US Stocks Move: Non-Ferrous Metal Stocks Rise Broadly, Freeport-McMoRan (FCX.US) Gains Over 4%

Stock News09-30

On Wednesday, non-ferrous metal concept stocks rose broadly, with Freeport-McMoRan (FCX.US) climbing more than 4%, Southern Copper (SCCO.US) and BHP Group (BHP.US) gaining over 3%, and Rio Tinto (RIO.US), Vale (VALE.US), and Alcoa (AA.US) advancing more than 2%, while Century Aluminum (CENX.US) rose nearly 2%.

On the news front, on September 30, the United States released the August Personal Consumption Expenditures Price Index (PCE). The data showed that the overall PCE index for August, after seasonal adjustment, rose 0.3% month-over-month and 3.4% year-over-year; economists surveyed by Dow Jones had previously expected a 0.3% monthly increase and a 3.7% annual gain. The core PCE, which excludes volatile food and energy components, rose 0.2% month-over-month and 3.0% year-over-year; market expectations were for a 0.3% monthly increase and a 3.3% annual increase.

Following the data release, traders reduced their bets on a Federal Reserve rate hike in October. According to the CME's "FedWatch" tool, the probability of the Fed keeping rates unchanged in October is 52.9%, while the probability of a cumulative 25 basis point hike is 47.1%. For December, the probability of the Fed keeping rates unchanged is 10.0%, the probability of a cumulative 25 basis point hike is 51.8%, and the probability of a cumulative 50 basis point hike is 38.2%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment