Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead. It operates the Toquepala and Cuajone open-pit mines, and a smelter and refinery in Peru; and La Caridad, an open-pit copper mine, as well as a copper ore concentrator, a SX-EW plant, a smelter, refinery, and a rod plant in Mexico. The company also operates Buenavista, an open-pit copper mine, as well as two copper concentrators and two operating SX-EW plants in Mexico. In addition, it operates five underground mines that produce zinc, lead, copper, silver, and gold; a coal mine that produces coal and coke; and a zinc refinery. The company has interests in 493,117 hectares of exploration concessions in Peru and Mexico; 239,077 hectares of exploration concessions in Argentina; 30,568 hectares of exploration concessions in Chile; and 7,299 hectares of exploration concessions in Ecuador. Southern Copper Corporation was incorporated in 1952 and is based in Phoenix, Arizona. Southern Copper Corporation operates as a subsidiary of Americas Mining Corporation.

Southern Copper Corporation

The S&P 500 Index ($SPX) (SPY) on Tuesday closed down -0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.98%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.13%. September E-mini S&P futures (ESU25) fell -0.50%, and September E-mini Nasdaq futures (NQU25) were unchanged.
Stock indexes rallied early Tuesday due to a favorable core CPI print of +0.2% m/m, but then faded as T-note prices fell and as expectations for a Fed rate cut in September were trimmed to 58% from 65%. The 10-year T-note yield rose +5 bp, and the 30-year T-bond yield rose back above the 5% mark for the first time in 6 weeks.
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The Dow Jones Industrial Average was undercut by negative breadth with 26 of the 30 stocks showing declines, led by American Express (AXP), Home Depot (HD), UnitedHealth (UNH), and Merck (MRK).
Tuesday's CPI report received some favorable initial media attention due to the slightly weaker-than-expected +0.2% m/m increase in the core CPI, which was partly driven by lower car prices. However, there were some scattered signs in the CPI report of upside pressure from tariffs, and that pressure is expected to increase in the coming months. Also, both the headline and core CPI reports on a year-over-year basis rose from May.
Specifically, the June US CPI rose +0.3% m/m, which was in line with market expectations, while the year-over-year figure of +2.7% was slightly worse than expectations of +2.6% and was up from May's +2.4%. The June US core CPI rose +0.2% m/m, which was slightly better than expectations of +0.3%. On a year-over-year basis, the June US core CPI was in line with expectations at +2.9% y/y but rose from May's +2.8%.
Expectations for a -25 bp Fed rate cut were little changed for the July FOMC meeting but were trimmed to 58% for the September meeting from 65% on Tuesday. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and at 58% at the following meeting on Sep 16-17.
There was some positive trade news Tuesday after Treasury Secretary Bessent said that US-China trade talks are in a "very good place" and that the US-China deadline is flexible and told market participants "not to worry about August 12." Mr. Bessent confirmed that the Trump administration has told Nvidia that a license for the sale of its advanced H20 GPU chips to Chinese firms will be granted and is "all part of a mosaic" in the US-China negotiations. He also said he hopes to meet with Chinese Vice Premier He Lifeng in August.
There was also some positive trade news after President Trump announced that his administration had reached a trade deal with Indonesia. However, US imports from Indonesia, totaling around $2.8 billion, will face a US tariff of 19%, which is likely to raise the price that US consumers pay for Indonesian goods.
Stocks have been undercut by recent negative US trade news. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don't relocate production to the US within the next year.
Tuesday's July Empire manufacturing index report of 5.5 was stronger than expectations of -9.2, and was up from June's level of -16.0.
The price of Bitcoin (^BTSUSD) fell -3% Tuesday after the House failed to approve a procedural vote to begin consideration of three bills backed by the crypto industry. Bitcoin has rallied sharply in the past several weeks, driven by hopes for favorable crypto regulation from Washington. The US House Committee on Ways and Means plans to hold an oversight subcommittee hearing on July 16 entitled "Making America the Crypto Capital of the World," which may promote crypto-friendly regulations.
The markets during the remainder of this week will focus on any fresh news on tariffs or trade deals. On Wednesday, June PPI final demand is expected to ease to +2.5% y/y from +2.6% in May, and June core PPI is expected to ease to +2.7% y/y from +3.0% y/y in May. Also, on Wednesday, June manufacturing production is expected to fall by -0.1% m/m. Finally, on Wednesday, the Fed will release its Beige Book. On Thursday, June retail sales are expected to climb by +0.1% m/m and +0.3% ex-autos, and weekly initial unemployment claims are expected to climb by +7,000 to 234,000. Also, on Thursday, the July Philadelphia Fed business outlook survey is expected to climb +3.0 points to -1.0, and the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan's US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. Key earnings reports on Wednesday include Bank of America, Goldman Sachs, Morgan Stanley, and United Airlines. Key reports on Thursday include PepsiCorp, Abbott, US Bancorp, GE Fifth Third, and GE. Key reports on Friday include Schwab and American Express.
The consensus is for the S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets on Tuesday closed mixed. The Euro Stoxx 50 fell -0.31%. China's Shanghai Composite closed down -0.42%. Japan's Nikkei Stock 225 closed up +0.55%.
Interest Rates
September 10-year T-notes (ZNU25) on Tuesday fell -14.5 ticks. The 10-year T-note yield rose by +5.2 bp to 4.485%. T-note prices were undercut by reduced expectations for Fed easing, as the market cut expectations for a rate cut at the September meeting to 58% from 65%. Also, the 10-year breakeven expectations rate rose to a 4.75-month high and ended the day up +1.0 bp at 2.414%.
Also on the bearish side for US bond prices, the Trump administration's campaign against Fed Chair Powell continued Tuesday, fueling concern among bond vigilantes about the Fed's independence and the possibility of politically driven interest rate cuts that could be inflationary. US Treasury Secretary Bessent said that Fed Chair Powell should step down as a Fed Governor when his term as Fed Chairman ends in May 2026, in line with tradition. Mr. Powell's term as a Fed Governor lasts until January 2028, well beyond the expiration of his term as Chairman in mid-May 2026.
Mr. Bessent also stated that he is part of a formal process that has already begun to decide who President Trump will appoint as the new Chairman when Mr. Powell's term ends in May 2026, or earlier, "for cause," based on attacks on how Mr. Powell has handled the renovation of the Fed's building in Washington.
European government bond yields were mixed. The 10-year German bund yield fell -1.7 bp to 2.712%. The 10-year UK gilt yield rose +2.5 bp to 4.625%.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
The Magnificent Seven stocks generally closed higher on Tuesday, except for Meta Platforms (META) and Tesla (TSLA), which closed more than -1% lower. Apple (AAPL) closed slightly higher after news that it reached a $500 million deal to buy rare-earth minerals from Pentagon-backed MP Materials Corp.
In Tesla (TSLA) news, the company opened its first India showroom. Also, Bloomberg reported that Tesla's top sales executive in North America, Troy Jones, has left the company after a 15-year stint.
Chip stocks showed some strength Tuesday, and helped keep the Nasdaq 100 index in positive territory, after the Trump administration indicated that it will loosen US restrictions on chip sales to China. Advanced Micro Devices (AMD) rose more than +6%, and Nvidia (NVDA) rose more than +4%. Arm Holdings (ARM) rose more than +2%.
Cryptocurrency-exposed stocks closed lower on Tuesday as bitcoin (^BTCUSD) fell -3% on the failure of the House to approve a procedural vote to consider crypto-friendly bills. Riot Platforms (RIOT) fell more than -3%, and Mara Holdings (MARA) fell by more than -2%. MicroStrategy (MSTR) fell -1.9%, and Coinbase (COIN) fell -1.5%.
BlackRock (BLK) fell by more than -5% after it reported that long-term asset inflows were less than market expectations.
JPMorgan Chase (JPM) fell -0.7% after it raised its full-year expense guidance.
Copper miners traded lower after Morgan Stanley downgraded the sector's prospects due to expectations that 50% tariffs will lead to reduced US demand for copper products. Freeport McMoRan (FCX) fell -3%, and Southern Copper (SCCO) fell -2.4%.
Earnings Reports (7/16/2025)
Prologis Inc (PLD), Progressive Corp/The (PGR), M&T Bank Corp (MTB), PNC Financial Services Group I (PNC), Bank of America Corp (BAC), Johnson & Johnson (JNJ), Goldman Sachs Group Inc/The (GS), Morgan Stanley (MS), United Airlines Holdings Inc (UAL), Kinder Morgan Inc (KMI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Fade as Expectations are Trimmed for Fed Rate Cut in September

The S&P 500 Index ($SPX) (SPY) is unchanged, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.55%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.51%. September E-mini S&P futures (ESU25) are up +0.02%, and September E-mini Nasdaq futures (NQU25) are up +0.57%.
Stock indexes rallied early the session due to a favorable core CPI print of +0.2% m/m, but then faded as T-note prices fell and as expectations for a Fed rate cut in September were trimmed to 58% from 65%. The 10-year T-note yield is currently up +4.8 bp and the 30-year T-bond yield rose back above the 5% mark for the first time in 6 weeks.
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The Dow was undercut by negative breadth with 24 of the 30 stocks showing declines, led by Merck (MRK) and American Express (AXP).
Today’s CPI report received some favorable initial media attention due to the slightly weaker-than-expected +0.2% m/m increase in the core CPI, which was driven partly by lower car prices. However, there were some scattered signs of upside pressure from tariffs, and that pressure is expected to increase in the coming months. Also, both the headline and core CPI reports on a year-over-year basis rose from May.
Specifically, the June US CPI rose +0.3% m/m, which was in line with market expectations, while the year-over-year figure of +2.7% was slightly worse than expectations of +2.6% and was up from May’s +2.4%. The June US core CPI rose +0.2% m/m, which was slightly better than expectations of +0.3%. On a year-over-year basis, the June US core CPI was in line with expectations at +2.9% y/y but rose from May’s +2.8%.
Expectations for a -25 bp Fed rate cut were little changed for the July FOMC meeting but were trimmed to 58% for the September meeting from 65% on Tuesday. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and at 58% at the following meeting on Sep 16-17.
There was some positive trade news today after Treasury Secretary Bessent said that US-China trade talks are in a “very good place” and that the US-China deadline is flexible and told market participants “not to worry about August 12.” Mr. Bessent confirmed that the Trump administration has told Nvidia that a license for the sale of its advanced H20 GPU chips to Chinese firms will be granted and is “all part of a mosaic” in the US-China negotiations. He also said he hopes to meet with Chinese Vice Premier He Lifeng in August.
Stocks have been undercut by recent US trade news. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don’t relocate production to the US within the next year.
Today’s July Empire manufacturing index report of 5.5 was stronger than expectations of -9.2, and was up from June’s level of -16.0.
The price of Bitcoin (^BTSUSD) is down -3% today due to some long liquidation pressure following the recent rally on hopes for more favorable crypto regulation from Washington. The US House Committee on Ways and Means plans to hold an oversight subcommittee hearing on July 16 entitled, “Making America the Crypto Capital of the World,” which may lead to more crypto-friendly regulations.
The markets this week will focus on any fresh news on tariffs or trade deals. On Wednesday, June PPI final demand is expected to ease to +2.5% y/y from +2.6% in May, and June core PPI is expected to ease to +2.7% y/y from +3.0% y/y in May. Also, on Wednesday, June manufacturing production is expected to fall by -0.1% m/m. Finally, on Wednesday, the Fed will release its Beige Book. On Thursday, June retail sales are expected to climb by +0.1% m/m and +0.3% ex-autos, and weekly initial unemployment claims are expected to climb by +7,000 to 234,000. Also, on Thursday, the July Philadelphia Fed business outlook survey is expected to climb +3.0 points to -1.0, and the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan’s US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. Key earnings reports today include Blackrock, Citigroup, JP Morgan, NY Bank of Mellon, Wells Fargo, and State Street. Key earnings reports Wednesday include Bank of America, Goldman Sachs, Morgan Stanley, and United Airlines. Key reports Thursday include PepsiCorp, Abbott, US Bancorp, GE Fifth Third, and GE. Key reports Friday include Schwab and American Express.
The consensus is for the S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.31%. China’s Shanghai Composite closed down -0.42%. Japan’s Nikkei Stock 225 closed up +0.55%.
Interest Rates
September 10-year T-notes (ZNU25) today are down -13.5 ticks. The 10-year T-note yield is up by +4.8 bp at 4.481%. T-note prices being undercut by reduced expectations for Fed easing, as the market cut expectations for a rate cut at the September meeting to 55% from 65%. Also, the 10-year breakeven expectations rate today rose to a 4.75-month high and is currently up +1.5 bp at 2.419%.
Also on the bearish side for US bond prices, the Trump administration’s campaign against Fed Chair Powell continued today, fueling concern among bond vigilantes about the Fed’s independence and the possibility of politically driven interest rate cuts that could be inflationary. US Treasury Secretary Bessent said that Fed Chair Powell should step down as a Fed Governor when his term as Chairman ends in May 2026, in line with tradition. Mr. Powell’s term as a Fed Governor lasts until January 2028, well beyond the expiration of his term as Chairman in mid-May-2026.
Mr. Bessent also stated that he is part of a formal process that has already begun to decide who President Trump will appoint as the new Chairman when Mr. Powell’s term ends in May 2026, or earlier “for cause,” based on attacks on how Mr. Powell has handled the renovation of the Fed’s building in Washington.
European government bond yields today are mixed. The 10-year German bund yield is down -1.9 bp at 2.710%. The 10-year UK gilt yield is up +2.2 bp at 4.622%.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
The Magnificent Seven stocks are trading higher today, except for Meta Platforms (META) and Tesla (TSLA). Apple (AAPL) Apple is up more than +1% after news that it reached a $500 million deal to buy rare-earth minerals from Pentagon-backed MP Materials Corp.
In Tesla (TSLA) news today, the company opened its first India showroom. Also, Bloomberg reported that Tesla’s top sales executive in North America, Troy Jones, has left the company after a 15-year stint.
Chip stocks are doing well today after the Trump administration indicated that it will loosen US restrictions on chip sales to China. Advanced Micro Devices (AMD) is up more than +6%, and Nvidia (NVDA) is up more than +4% on the news. Arm Holdings (ARM) is up more than +3%.
Cryptocurrency-exposed stocks are mixed today as bitcoin (^BTCUSD) fell -3% on some long liquidation pressure after posting a new record high on Monday. Riot Platforms (RIOT) is down more than -3%, and MicroStrategy (MSTR) is more than -1%, but Coinbase Global (COIN) is up +0.4%.
BlackRock (BLK) is down more than -5% after it reported that long-term asset inflows were less than market expectations.
JPMorgan Chase (JPM) is down -0.4% after it raised its full-year expense guidance.
Copper miners are trading lower today after Morgan Stanley downgraded the sector's prospects due to expectations that 50% tariffs will lead to reduced US demand for copper products. Freeport McMoRan (FCX) is down more than -4%, and Southern Copper (SCCO) is down more than -3%.
Earnings Reports (7/15/2025)
Albertsons Cos Inc (ACI), Bank of New York Mellon Corp/The (BK), Blackrock Inc (BLK), Citigroup Inc (C), JB Hunt Transport Services Inc (JBHT), JPMorgan Chase & Co (JPM), Omnicom Group Inc (OMC), Pinnacle Financial Partners In (PNFP), State Street Corp (STT), Sun Communities Inc (SUI), Wells Fargo & Co (WFC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed as T-Note Yields Rise

The S&P 500 Index ($SPX) (SPY) is up +0.33%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.64%. September E-mini S&P futures (ESU25) are up +0.23%, and September E-mini Nasdaq futures (NQU25) are up +0.53%.
Stock indexes today are trading higher on a favorable core CPI report of +0.2% m/m and on favorable trade news after Treasury Secretary Bessent said US-China trade negotiations are in a “very good place.”
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Today’s CPI report was considered net favorable for the markets due to the slightly weaker-than-expected +0.2% m/m increase in the core CPI, which was driven by lower car prices. However, there were some scattered signs of upside pressure from tariffs, and that pressure is expected to increase in the coming months. Also, both the headline and core CPI reports on a year-over-year basis rose from May.
Specifically, the June US CPI rose +0.3% m/m, which was in line with market expectations, while the year-over-year figure of +2.7% was slightly worse than expectations of +2.6% and was up from May’s +2.4%. The June US core CPI rose +0.2% m/m, which was slightly better than expectations of +0.3%. On a year-over-year basis, the June US core CPI was in line with expectations at +2.9% y/y but rose from May’s +2.8%.
There was some positive trade news today after Treasury Secretary Bessent said that US-China trade talks are in a “very good place” and that the US-China deadline is flexible and told market participants “not to worry about August 12.” Mr. Bessent confirmed that the Trump administration has told Nvidia that a license for the sale of its advanced H20 GPU chips to Chinese firms will be granted and is “all part of a mosaic” in the US-China negotiations. He also said he hopes to meet with Chinese Vice Premier He Lifeng in August.
Stocks have been undercut by recent US trade news. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don’t relocate production to the US within the next year.
Today’s July Empire manufacturing index report of 5.5 was stronger than expectations of -9.2, and was up from June’s level of -16.0.
The price of Bitcoin (^BTSUSD) is down nearly -2% today due to some long liquidation pressure following the recent rally on hopes for more favorable crypto regulation from Washington. The US House Committee on Ways and Means plans to hold an oversight subcommittee hearing on July 16 entitled, “Making America the Crypto Capital of the World,” which may lead to more crypto-friendly regulations.
The markets this week will focus on any fresh news on tariffs or trade deals. On Wednesday, June PPI final demand is expected to ease to +2.5% y/y from +2.6% in May, and June core PPI is expected to ease to +2.7% y/y from +3.0% y/y in May. Also, on Wednesday, June manufacturing production is expected to fall by -0.1% m/m. Finally, on Wednesday, the Fed will release its Beige Book. On Thursday, June retail sales are expected to climb by +0.1% m/m and +0.3% ex-autos, and weekly initial unemployment claims are expected to climb by +7,000 to 234,000. Also, on Thursday, the July Philadelphia Fed business outlook survey is expected to climb +3.0 points to -1.0, and the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan’s US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. Key earnings reports today include Blackrock, Citigroup, JP Morgan, NY Bank of Mellon, Wells Fargo, and State Street. Key earnings reports Wednesday include Bank of America, Goldman Sachs, Morgan Stanley, and United Airlines. Key reports Thursday include PepsiCorp, Abbott, US Bancorp, GE Fifth Third, and GE. Key reports Friday include Schwab and American Express.
Bloomberg Intelligence data show that the consensus for Q2 earnings of S&P 500 companies is for a rise of +2.8% year-over-year, the smallest increase in two years. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and at 65% at the following meeting on Sep 16-17.
Overseas stock markets today are mixed. The Euro Stoxx 50 is up +0.22%. China’s Shanghai Composite closed down -0.42%. Japan’s Nikkei Stock 225 closed up +0.55%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +2 ticks. The 10-year T-note yield is down by -2.4 bp at 4.409%. T-note prices are seeing support today from the slightly weaker-than-expected June US core CPI report of +0.2% m/m versus expectations of +0.3%. On the bearish side, the 10-year breakeven expectations rate today rose to a 4.75-month high and is currently up +0.3 bp at 2.408%.
Also on the bearish side for US bond prices, the Trump administration’s campaign against Fed Chair Powell continued today, fueling concern among bond vigilantes about the Fed’s independence and the possibility of politically driven interest rate cuts that could be inflationary. US Treasury Secretary Bessent said that Fed Chair Powell should step down as a Fed Governor when his term as Chairman ends in May 2026, in line with tradition. Mr. Bessent also stated that he is part of a formal process that has already begun to decide who President Trump will appoint as the new Chairman when Mr. Powell’s term ends in May 2026, or earlier “for cause,” based on attacks on how Mr. Powell has handled the renovation of the Fed’s building in Washington.
European government bond yields today are lower. The 10-year German bund yield is down -5.3 bp at 2.677%. The 10-year UK gilt yield is down -2.2 bp at 4.577%.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
The Magnificent Seven stocks are all trading higher today, except for a small decline in Meta.
Chip stocks are doing well today after the Trump administration indicated that it will loosen US restrictions on chip sales to China. Nvidia (NVDA is up more than +4% on the news. Advanced Micro Devices (AMD) is up more than +8% and Arm Holdings (ARM) is up more than +2%.
Cryptocurrency-exposed stocks are mixed today as bitcoin (^BTCUSD) fell nearly -2% on some long liquidation pressure after posting a new record high on Monday. Riot Platforms (RIOT) is down more than -2%, and MicroStrategy (MSTR) is down -0.9%, but Coinbase Global (COIN) is up +0.5%.
BlackRock (BLK) is down more than -6% after it reported that long-term asset inflows were below market expectations.
JPMorgan Chase (JPM) is down -0.4% after it raised its full-year expense guidance.
Copper miners are trading lower today after Morgan Stanley downgraded the sector's prospects due to expectations that 50% tariffs will lead to reduced US demand for copper products. Freeport McMoRan (FCX) and Southern Copper (SCCO) are down about -2%.
Earnings Reports (7/15/2025)
Albertsons Cos Inc (ACI), Bank of New York Mellon Corp/The (BK), Blackrock Inc (BLK), Citigroup Inc (C), JB Hunt Transport Services Inc (JBHT), JPMorgan Chase & Co (JPM), Omnicom Group Inc (OMC), Pinnacle Financial Partners In (PNFP), State Street Corp (STT), Sun Communities Inc (SUI), Wells Fargo & Co (WFC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks See Support from Favorable CPI and Positive Bessent Trade Remarks

The S&P 500 Index ($SPX) (SPY) on Thursday closed up +0.80%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.94%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.94%. September E-mini S&P futures (ESU25) rose +0.75%, and September E-mini Nasdaq futures (NQU25) rose +0.92%.
Stock indexes rallied on Thursday, with the S&P 500 posting a 4-month high, the Dow Jones Industrials posting a 3-3/4 month high, and the Nasdaq 100 posting a new all-time high. Strength in chip makers boosted the broader market. Stocks also saw support from Thursday's news of stronger-than-expected initial claims, core capital goods orders, and pending home sales reports.
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Equity prices mainly received support as the 10-year T-note yield fell to a two-month low on a Wall Street Journal report that President Trump may announce the replacement of Fed Chair Powell as early as September, an unusually early appointment. That reinforced expectations of a more dovish-leaning Fed, following Mr. Trump's criticism of Powell for holding interest rates steady. Because Powell's term expires in May 2026, announcing a new Fed Chair far earlier than the traditional 3-4 month transition period could allow the chair-in-waiting to dovishly influence expectations about the likely path for interest rates.
On the negative side for stocks was Thursday's news of an unexpected downward revision to Q1 GDP. Also, the May trade deficit was wider than expected, a negative factor for Q2 GDP.
US weekly initial unemployment claims fell -7,000 to 236,000, showing a stronger labor market than expectations of 243,000. However, weekly continuing claims rose +37,000 to a 3-1/2 year high of 1.974 million, above expectations of 1.950 million, signaling more people are staying out of work for longer.
US Q1 GDP was revised lower to -0.5% (q/q annualized), weaker than expectations of no change at -0.2% as Q1 personal consumption was revised downward to 0.5% from 1.2%. The Q1 core PCE price index was revised higher to +3.5% (q/q annualized), stronger than expectations of no change at +3.4%.
US May capital goods new orders nondefense ex-aircraft rose +1.7% m/m, stronger than expectations of +0.1% m/m and the largest increase in 4 months.
The US May trade deficit of -$96.6 billion was wider than expectations of -$86.1 billion, a negative factor for Q2 GDP.
US May pending home sales rose +1.8% m/m, stronger than expectations of +0.1% m/m.
Richmond Fed President Barkin said he expects tariffs to put upward pressure on prices, and with so much still uncertain, he favors waiting for more clarity before adjusting interest rates.
San Francisco Fed President Daly said she is seeing increased evidence that tariffs may not lead to a large or sustained inflation surge, which supports her view that the Fed could begin cutting interest rates again in the fall.
The markets this week will watch to see if the ceasefire holds between Israel and Iran. Also, any new tariff news or trade deals will be scrutinized. Friday brings May personal spending (expected +0.1% m/m) and May personal income (expected +0.3% m/m). Also on Friday, the May core PCE price index, the Fed's preferred price gauge, is expected to rise by +0.1% m/m and +2.6% y/y. Finally, Friday's June University of Michigan US consumer sentiment index is expected to be revised lower by -0.2 points to 60.3.
Federal funds futures prices are discounting the chances at 21% for a -25 bp rate cut at the July 29-30 FOMC meeting.
Overseas stock markets closed mixed on Thursday. The Euro Stoxx 50 closed down -0.15%. China's Shanghai Composite fell from a 6-1/4 month high and closed down -0.22%. Japan's Nikkei Stock 225 rallied to a 4-3/4 month high and closed up +1.65%.
Interest Rates
September 10-year T-notes (ZNU25) on Thursday rose by +12.5 ticks and posted a 2-month high. The 10-year T-note yield fell -5.1 bp to 4.240% and posted a new 2-month low.
T-note prices moved higher on a Wall Street Journal report that President Trump is considering naming the successor to Fed Chair Powell as early as September, well before his term expires next May, making him a lame duck and spurring speculation that interest rates could eventually fall faster than markets are currently pricing. T-notes also found support after Q1 GDP was revised lower.
Limiting gains in T-notes was stronger-than-expected initial claims, core capital goods orders, and pending home sales reports. Also, the upward revision to the Q1 core PCE price index was bearish for T-notes. In addition, hawkish comments from Richmond Fed President Barkin weighed on T-notes when he said he favors waiting for more clarity before adjusting interest rates. Supply pressures were negative for T-notes as the Treasury auctioned $44 billion of 7-year T-notes.
European government bond yields ended mixed. The 10-year German bund yield rose +0.4 bp to 2.569%. The 10-year UK gilt yield fell -0.9 bp to 4.472%.
The German Jun GfK consumer confidence index unexpectedly fell -0.3 to -20.3, weaker than expectations of an increase to -19.2.
Swaps are discounting the chances at 9% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
Strength in chip makers boosted technology stocks and the overall market. Marvel Technology (MRVL) rallied more than +5% to lead gainers in the Nasdaq 100. Broadcom (AVGO) closed up more than +2%. Qualcomm (QCOM), Intel (INTC), Analog Devices (ADI), and KLA Corp (KLAC) all closed up more than +1%.
Micron Technology (MU) initially rallied after reporting stronger-than-expected Q3 EPS and giving an upbeat forecast for the current quarter, driven by demand for artificial intelligence equipment. However, Micron fell back and closed the day down about -1%.
Managed healthcare stocks moved higher. Cigna Group (CI) closed up more than +4%. CVS Health (CVS) closed up more than +2%. Universal Health Services (UHS) and HCA Healthcare (HCA) closed up nearly +1%.
Copper mining stocks showed strength, with COMEX copper prices posting a new 2-3/4 month high and closing up +2.55%. Southern Copper (SCCO) closed up more than +7%, Freeport McMoRan (FCX) closed up more than +6%, and Rio Tinto Plc (RIO) closed up more than +3%.
McCormick & Co (MKC) rallied more than +5% after reporting Q2 EPS of 69 cents, better than the consensus of 66 cents, and forecasting full-year adjusted EPS of $3.03-$3.08, above the consensus of $3.02.
Sandisk Corp (SNDK) closed up +0.40% after Citigroup initiated coverage of the stock with a buy recommendation and a price target of $57.
Truist Financial Corp (TFC) closed up more than +2% after Citigroup upgraded the stock to buy from neutral with a price target of $55.
Equinix Inc (EQIX) fell more than -9% to lead losers in the S&P 500 after BMO Capital Markets downgraded the stock to market perform from outperform.
Unity Software (U) fell more than -3% after Bank of America Global Research initiated coverage of the stock with a recommendation of underperform and a price target of $15.
Trade Desk (TTD) fell more than -2% to lead losers in the Nasdaq 100 after Wells Fargo Securities downgraded the stock to equal weight from overweight.
Kratos Defense & Security Solutions (KTOS) fell more than -2% after announcing it intends to sell $500 million of shares of its common stock in an underwritten offering.
Jeffries Financial Group (JEF) rose +0.30% despite reporting Q2 EPS of 40 cents, weaker than the consensus of 44 cents.
Earnings Reports (6/27/2025)
Apogee Enterprises Inc (APOG) and Immersion Corp (IMMR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq 100 Index Rallies to Record High on Speculation of Earlier Interest Rate Cuts

In trading on Thursday, the Global X Copper Miners ETF is outperforming other ETFs, up about 5.9% on the day. Components of that ETF showing particular strength include shares of Teck Resources, up about 8.4% and shares of Southern Copper, up about 8% on the day.
And underperforming other ETFs today is the Vanguard Real Estate ETF, down about 1.3% in Thursday afternoon trading. Among components of that ETF with the weakest showing on Thursday were shares of Equinix, lower by about 8%, and shares of Office Properties Income Trust, lower by about 3.8% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Thursday's ETF Movers: COPX, VNQ

In trading on Thursday, metals & mining shares were relative leaders, up on the day by about 3.7%. Leading the group were shares of Critical Metals, up about 31.4% and shares of Niocorp Developments up about 8.6% on the day.
Also showing relative strength are non-precious metals & non-metallic mining shares, up on the day by about 2.9% as a group, led by Southern Copper, trading up by about 8% and Alcoa, trading up by about 7% on Thursday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Thursday Sector Leaders: Metals & Mining, Non-Precious Metals & Non-Metallic Mining Stocks

The S&P 500 Index ($SPX) (SPY) today is up +0.62%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.71%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.58%. September E-mini S&P futures (ESU25) are up +0.55%, and September E-mini Nasdaq futures (NQU25) are up +0.57%.
Stock indexes are climbing, with the S&P 500 posting a 4-month high, the Dow Jones Industrials climbing to a 3-3/4 month high, and the Nasdaq 100 posting a new all-time high. Strength in chip makers is boosting the broader market today after Micron Technology reported stronger-than-expected Q3 EPS and gave an upbeat forecast for the current quarter, driven by demand for artificial intelligence equipment. Stocks also saw support from today's news of a larger-than-expected drop in weekly initial jobless claims, a larger-than-expected increase in May core capital goods orders, and stronger-than-expected May pending home sales.
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On the negative side for stocks was today's news of an unexpected downward revision to Q1 GDP. Also, the May trade deficit was wider than expected, a negative factor for Q2 GDP.
Lower bond yields are supporting equity prices as the 10-year T-note yield fell to a 7-week low on speculation that Fed rate cuts could come sooner than expected. The 10-year T-note yield fell to a 7-week low today of 4.25% following a report from the Wall Street Journal that said President Trump may announce Fed Chair Powell's replacement a soon as September, an unusually early appointment. That reinforced expectations of a more dovish leaning Fed, after Trump criticized Powell for holding interest rates steady. Because Powell's term expires in May 2026, announcing a new Fed chair far earlier than the traditional 3-4 month transition period could allow the chair-in-waiting to influence expectations about the likely path for interest rates.
US weekly initial unemployment claims fell -7,000 to 236,000, showing a stronger labor market than expectations of 243,000. However, weekly continuing claims rose +37,000 to a 3-1/2 year high of 1.974 million, above expectations of 1.950 million, signaling more people are staying out of work for longer.
US Q1 GDP was revised lower to -0.5% (q/q annualized), weaker than expectations of no change at -0.2% as Q1 personal consumption was revised downward to 0.5% from 1.2%. The Q1 core PCE price index was revised higher to +3.5% (q/q annualized), stronger than expectations of no change at +3.4%.
US May capital goods new orders nondefense ex-aircraft rose +1.7% m/m, stronger than expectations of +0.1% m/m and the largest increase in 4 months.
The US May trade deficit of -$96.6 billion was wider than expectations of -$86.1 billion, a negative factor for Q2 GDP.
US May pending home sales rose +1.8% m/m, stronger than expectations of +0.1% m/m.
Richmond Fed President Barkin said he expects tariffs to put upward pressure on prices, and with so much still uncertain, he favors waiting for more clarity before adjusting interest rates.
San Francisco Fed President Daly said she is seeing increased evidence that tariffs may not lead to a large or sustained inflation surge, which supports her view that the Fed could begin cutting interest rates again in the fall.
The markets this week will watch to see if the ceasefire holds between Israel and Iran. Also, any new tariff news or trade deals will be scrutinized. Friday brings May personal spending (expected +0.1% m/m) and May personal income (expected +0.3% m/m). Also on Friday, the May core PCE price index, the Fed's preferred price gauge, is expected to rise by +0.1% m/m and +2.6% y/y. Finally, Friday's June University of Michigan US consumer sentiment index is expected to be revised lower by -0.2 points to 60.3.
The markets are discounting the chances at 25% for a -25 bp rate cut at the July 29-30 FOMC meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.04%. China's Shanghai Composite fell from a 6-1/4 month high and closed down -0.22%. Japan's Nikkei Stock 225 rallied to a 4-3/4 month high and closed up +1.65%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +7 ticks. The 10-year T-note yield is down -0.8 bp to 4.283%. Sep T-notes today climbed to an 8-week high, and the 10-year T-note yield fell to a 7-week low of 4.253%. T-notes are moving higher today on a Wall Street Journal report that said President Trump is considering naming the successor to Fed Chair Powell as early as September, well before his term expires next May, making him a lame duck and spurring speculation that interest rates could eventually fall faster than markets are currently pricing. T-notes also found support after Q1 GDP was revised lower.
Limiting gains in T-notes was today's stronger-than-expected economic news, which included initial unemployment claims, core capital goods orders, and pending home sales. Also, the upward revision to the Q1 core PCE price index was bearish for T-notes. In addition, hawkish comments from Richmond Fed President Barkin weighed on T-notes when he said he favors waiting for more clarity before adjusting interest rates. Supply pressures are negative for T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields today are mixed. The 10-year German bund yield is up +0.4 bp to 2.569%. The 10-year UK gilt yield is down -0.7 bp to 4.474%.
The German Jun GfK consumer confidence index unexpectedly fell -0.3 to -20.3, weaker than expectations of an increase to -19.2.
Swaps are discounting the chances at 9% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
Strength in chip makers is boosting technology stocks and the overall market. Marvel Technology (MRVL) is up more than +5% to lead gainers in the Nasdaq 100. Also, Analog Devices (ADI), NXP Semiconductors NV (NXPI), Broadcom (AVGO), KLA Corp (KLAC), Qualcomm (QCOM), and ARM Holdings Plc (ARM) are up more than +1%.
Managed healthcare stocks are moving higher today. Cigna Group (CI) is up more than +4% and Universal Health Services (UHS) is up more than +3%. Also, HCA Healthcare (HCA), CVS Health (CVS), Centene (CNC), and Molina Healthcare (MOH) are up more than +2%. In addition, Humana (HUM) is up more than +1%.
Copper mining stocks are climbing today with the price of COMEX copper up more than +3% at a 2-3/4 month high. Freeport McMoRan (FCX) is up more than +7%, Southern Copper (SCCO) is up more than +6%, and Rio Tinto Plc (RIO) is up more than +3%.
McCormick & Co (MKC) is up more than +4% after reporting Q2 EPS of 69 cents, better than the consensus of 66 cents, and forecasting full-year adjusted EPS of $3.03-$3.08, above the consensus of $3.02.
Sandisk Corp (SNDK) is up more than +2% after Citigroup initiated coverage of the stock with a buy recommendation and a price target of $57.
Truist Financial Corp (TFC) is up nearly +2% after Citigroup upgraded the stock to buy from neutral with a price target of $55.
Equinix Inc (EQIX) is down more than -8% to lead losers in the S&P 500 after BMO Capital Markets downgraded the stock to market perform from outperform.
Unity Software (U) is down more than -4% after Bank of America Global Research initiated coverage of the stock with a recommendation of underperform and a price target of $15.
Trade Desk (TTD) is down more than -2% to lead losers in the Nasdaq 100 after Wells Fargo Securities downgraded the stock to equal weight from overweight.
Kratos Defense & Security Solutions (KTOS) is down more than -3% after announcing it intends to sell $500 million of shares of its common stock in an underwritten offering.
Jeffries Financial Group (JEF) is down more than -2% after reporting Q2 EPS of 40 cents, weaker than the consensus of 44 cents.
Earnings Reports (6/26/2025)
Acuity Inc (AYI), Concentrix Corp (CNXC), McCormick & Co Inc/MD (MKC), NIKE Inc (NKE), Walgreens Boots Alliance Inc (WBA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Lower Bond Yields and Speculation of Earlier Rate Cuts

The S&P 500 Index ($SPX) (SPY) today is up +0.35%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.18%. September E-mini S&P futures (ESU25) are up +0.25%, and September E-mini Nasdaq futures (NQU25) are up +0.13%.
Stock indexes are climbing, with the S&P 500 posting a 4-month high, the Dow Jones Industrials climbing to a 3-3/4 month high, and the Nasdaq 100 posting a new all-time high. Strength in chip makers is boosting the broader market today after Micron Technology reported stronger-than-expected Q3 EPS and gave an upbeat forecast for the current quarter, driven by demand for artificial intelligence equipment. Stocks saw support from today's news of a larger-than-expected drop in weekly jobless claims and a larger-than-expected increase in May core capital goods orders.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side for stocks was today's news of an unexpected downward revision to Q1 GDP. Also, the May trade deficit was wider than expected, a negative factor for Q2 GDP.
Lower bond yields are supporting equity prices as the 10-year T-note yield fell to a 7-week low on speculation that Fed rate cuts could come sooner than expected. The 10-year T-note yield fell to a 7-week low today of 4.26% following a report from the Wall Street Journal that said President Trump may announce Fed Chair Powell's replacement a soon as September, an unusually early appointment, reinforcing expectations of a more dovish leaning Fed, after Trump criticized Powell for holding interest rates steady. Because Powell's term expires in May 2026, announcing a new Fed chair far earlier than the traditional 3-4 month transition period could allow the chair-in-waiting to influence expectations about the likely path for interest rates.
US weekly initial unemployment claims fell -7,000 to 236,000, showing a stronger labor market than expectations of 243,000. However, weekly continuing claims rose +37,000 to a 3-1/2 year high of 1.974 million, above expectations of 1.950 million, signaling more people are staying out of work for longer.
US Q1 GDP was revised lower to -0.5% (q/q annualized), weaker than expectations of no change at -0.2% as Q1 personal consumption was revised downward to 0.5% from 1.2%. The Q1 core PCE price index was revised higher to +3.5% q/q, stronger than expectations of no change at +3.4% q/q.
US May capital goods new orders nondefense ex-aircraft rose +1.7% m/m, stronger than expectations of +0.1% m/m and the largest increase in 4 months.
The US May trade deficit of -$96.6 billion was wider than expectations of -$86.1 billion, a negative factor for Q2 GDP.
Richmond Fed President Barkin said he expects tariffs to put upward pressure on prices, and with so much still uncertain, he favors waiting for more clarity before adjusting interest rates.
The markets this week will watch to see if the ceasefire holds between Israel and Iran. Also, any new tariff news or trade deals will be scrutinized. Friday brings May personal spending (expected +0.1% m/m) and May personal income (expected +0.3% m/m). Also on Friday, the May core PCE price index, the Fed's preferred price gauge, is expected to rise by +0.1% m/m and +2.6% y/y. Finally, Friday's June University of Michigan US consumer sentiment index is expected to be revised lower by -0.2 points to 60.3.
The markets are discounting the chances at 25% for a -25 bp rate cut at the July 29-30 FOMC meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.09%. China's Shanghai Composite fell from a 6-1/4 month high and closed down -0.22%. Japan's Nikkei Stock 225 rallied to a 4-3/4 month high and closed up +1.65%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +6 ticks. The 10-year T-note yield is down -2.2 bp to 4.269%. Sep T-notes today climbed to an 8-week high, and the 10-year T-note yield fell to a 7-week low of 4.263%. T-notes are moving higher today on a Wall Street Journal report that said President Trump is considering naming Fed Chair Powell's successor as early as September, well before his term expires next May, making him a lame duck and spurring speculation that interest rates could eventually fall faster than markets are currently pricing. T-notes also found support after Q1 GDP was revised lower.
Limiting gains in T-notes was today's stronger-than-expected economic news , which included unemployment claims and core capital goods orders. Also, the upward revision to the Q1 core PCE price index was bearish for T-notes. In addition, hawkish comments from Richmond Fed President Barkin weighed on T-notes when he said he favors waiting for more clarity before adjusting interest rates. Supply pressures are negative for T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields today are moving lower. The 10-year German bund yield is down -1.8 bp to 2.547%. The 10-year UK gilt yield is down -1.8 bp to 4.463%.
The German Jun GfK consumer confidence index unexpectedly fell -0.3 to -20.3, weaker than expectations of an increase to -19.2.
Swaps are discounting the chances at 8% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
Micron Technology (MU) is up more than +2% to give chip stocks and the overall market a lift. Micron reported Q3 adjusted revenue of $9.30 billion, stronger than the consensus of $8.85 billion, and forecasted Q4 adjusted revenue of $10.4 billion-$11.0 billion, well above the consensus of $9.89 billion. Also, Marvel Technology (MRVL) is up more than +4% to lead gainers in the Nasdaq 100. In addition, ARM Holdings Plc (ARM) is up more than +1% and Intel (INTC) is up +0.83%.
Managed healthcare stocks are moving higher today. Universal Health Services (UHS) is up more than +4%. Also, Cigna (CI) and HCA Healthcare (HCA) are up more than +3%. In addition, CVS Health (CVS), Centene (CNC), Molina Healthcare (MOH), and Humana (HUM) are up more than +1%.
McCormick & Co (MKC) is up more than +5% after reporting Q2 EPS of 69 cents, better than the consensus of 66 cents, and forecasting full-year adjusted EPS of $3.03-$3.08, above the consensus of $3.02.
Copper mining stocks are climbing today with the price of COMEX copper up more than +2% at a 2-3/4 month high. Southern Copper (SCCO) and Freeport McMoRan (FCX) are up more than +4%, and Rio Tinto Plc (RIO) is up more than +2%.
Sandisk Corp (SNDK) is up more than +1% after Citigroup initiated coverage of the stock with a buy recommendation and a price target of $57.
General Mills (GIS) is up more than +1% after RBC Capital Markets upgraded the stock to outperform from sector perform with a price target of $63.
Truist Financial Corp (TFC) is up nearly +1% after Citigroup upgraded the stock to buy from neutral with a price target of $55.
Equinix Inc (EQIX) is down more than -10% to lead losers in the S&P 500 after BMO Capital Markets downgraded the stock to market perform from outperform.
Trade Desk (TTD) is down more than -4% to lead losers in the Nasdaq 100 after Wells Fargo Securities downgraded the stock to equal weight from overweight.
Kratos Defense & Security Solutions (KTOS) is down more than -3% after announcing it intends to sell $500 million of shares of its common stock in an underwritten offering.
Unity Software (U) is down more than -3% after Bank of America Global Research initiated coverage of the stock with a recommendation of underperform and a price target of $15.
Jeffries Financial Group (JEF) is down more than -2% after reporting Q2 EPS of 40 cents, weaker than the consensus of 44 cents.
Earnings Reports (6/26/2025)
Acuity Inc (AYI), Concentrix Corp (CNXC), McCormick & Co Inc/MD (MKC), NIKE Inc (NKE), Walgreens Boots Alliance Inc (WBA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks See Support on Strength in Chip Stocks and Lower Bond Yields

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares MSCI Emerging Markets ex China ETF (Symbol: EMXC) where we have detected an approximate $120.8 million dollar outflow -- that's a 0.9% decrease week over week (from 225,500,000 to 223,500,000). Among the largest underlying components of EMXC, in trading today CrediCorp Ltd. (Symbol: BAP) is up about 0.1%, Southern Copper Corp (Symbol: SCCO) is up about 0.6%, and Compania de Minas Buenaventura S.A. (Symbol: BVN) is up by about 0.1%. For a complete list of holdings, visit the EMXC Holdings page » The chart below shows the one year price performance of EMXC, versus its 200 day moving average:
Looking at the chart above, EMXC's low point in its 52 week range is $49.60 per share, with $63.17 as the 52 week high point — that compares with a last trade of $60.82. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Click here to find out which 9 other ETFs experienced notable outflows »
Also see:
BOLD Videos
LQD Historical Stock Prices
ALAC YTD Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: EMXC, BAP, SCCO, BVN

Freeport-McMoRan Inc.’s FCX shares have rallied 19.6% in the past month. It has outperformed the Zacks Mining - Non Ferrous industry’s rise of 11.4% and the S&P 500’s gain of 6.6% over the same period. Its peers, Southern Copper Corporation SCCO and BHP Group Limited BHP, have gained 7.6% and 10.8%, respectively, over the same period. While FCX's first-quarter results showed a decline in both top and bottom line, its guidance showed lower expected unit costs and stronger copper and gold sales volumes for the second quarter. This, coupled with share buyback activities, likely buoyed investor sentiment, leading to share price appreciation.
Freeport’s One-Month Price Performance
Image Source: Zacks Investment Research
Technical indicators show that FCX has been trading below the 200-day simple moving average (SMA) since Nov. 11, 2024. The stock is currently trading above its 50-day SMA. Following a death crossover on Dec. 3, 2024, the 50-day SMA continues to read lower than the 200-day SMA, indicating a bearish trend.
FCX Stock Trades Above 50-Day SMA
Image Source: Zacks Investment Research
Let’s take a look at FCX’s fundamentals to better analyze how to play the stock.
Freeport’s Growth Actions to Drive Capacity & Production
Freeport is well-placed with high-quality copper assets and remains focused on strong execution and advancing its organic growth opportunities. At its Cerro Verde operation in Peru, a large-scale concentrator expansion provided incremental annual production of around 600 million pounds of copper and 15 million pounds of molybdenum. It is evaluating a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde. FCX is also conducting pre-feasibility studies (expected to be completed in 2026) in the Safford/Lone Star operations in Arizona to define a significant sulfide expansion opportunity. It also has expansion opportunities at Bagdad in Arizona to more than double the concentrator capacity of the operation.
Also, PT Freeport Indonesia (PT-FI) substantially completed the construction of the new greenfield smelter in Eastern Java during 2024, with an expected start-up in second-quarter 2025, followed by a full ramp-up by the end of 2025. PT-FI is also developing the Kucing Liar ore body within the Grasberg district with a targeted commencement of production by 2030. Gold production also commenced at the new precious metals refinery in late 2024. Plans are in place to transition PT-FI’s existing energy source from coal to natural gas, which is expected to significantly reduce greenhouse gas emissions at Grasberg.
FCX’s Solid Financial Health & Capital Discipline Bode Well
FCX has a strong liquidity position and generates substantial cash flows, which allow it to finance its growth projects, pay down debt and drive shareholder value. It generated operating cash flows of around $1.1 billion in the first quarter of 2025. It has distributed $5 billion to its shareholders through dividends and share purchases since June 30, 2021. Freeport ended the first quarter with strong liquidity, including $4.4 billion in cash and cash equivalents, $3 billion in availability under the FCX revolving credit facility and $1.5 billion in availability under the PT-FI credit facility.
At the end of the first quarter, Freeport had a net debt of $1.5 billion, excluding PTFI’s new downstream processing facilities. Its net debt is below its targeted range of $3-$4 billion. Freeport has a policy of distributing 50% of the available cash to shareholders and the balance to either reduce debt or invest in growth projects. FCX has no significant debt maturities until 2027. Its long-term debt-to-capitalization is around 23.4% compared with 41.2% for Southern Copper and 26.7% for BHP Group.
FCX offers a dividend yield of roughly 0.8% at the current stock price. Its payout ratio is 22% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of about 21.8%. Backed by strong financial health, the company's dividend is perceived to be safe and reliable.
Retreating Copper Prices Pose Concerns for FCX
Copper prices remain volatile this year amid global economic and trade uncertainties. The uncertainties surrounding U.S.-China trade tensions continue to impact prices. Copper prices surged to a new record high of $5.24 per pound in late March as buyers stocked up the commodity amid concerns that President Donald Trump could impose tariffs on copper, leading to a disruption in the global supply chain.
However, prices nosedived to around $4.1 per pound in early April amid demand worries due to tariffs, which threatened to cause a broader slowdown globally. Prices of the red metal moved up in late April to roughly $4.9 per pound amid a weakening U.S. dollar on heightened concerns about the prospect of a downturn in the U.S. economy. However, prices have again retreated to around $4.5 per pound lately on weak global demand and increased supply. Weaker global manufacturing activities pose risks to copper demand. Copper demand is also likely to remain under pressure at least through the first half under the weight of tariffs.
FCX’s FY25 Earnings Estimates Going Down
Freeport’s earnings estimates for 2025 have been going down over the past 60 days. The Zacks Consensus Estimate for 2025 has been revised lower over the same time frame.
(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Image Source: Zacks Investment Research
A Look at FCX’s Valuation
FCX is currently trading at a forward price/earnings of 20.36X, a roughly 6.9% premium to the industry average of 19.04X. The FCX stock is also trading at a premium to Southern Copper and BHP Group.
FCX’s P/E F12M Vs. Industry, SCCO and BHP
Image Source: Zacks Investment Research
Final Thoughts: Hold Onto FCX Stock
FCX is poised to gain from progress in expansion activities that will boost production capacity. Robust financial health allows FCX to invest in growth projects and drive shareholder value. Despite these positives, declining earnings estimates and retreating copper prices warrant caution. Holding onto this Zacks Rank #3 (Hold) stock will be prudent for investors who already own it.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
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Southern Copper Corporation (SCCO) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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