Oct. 23 at 5:25 PM
Materials stocks and copper rose Thursday after Freeport-McMoRan reported better-than-expected earnings, boosting sentiment across the sector.
The iShares U.S. Basic Materials ETF (IYM), where Freeport is the fourth-largest holding, gained about 2%, consolidating near
$150 and signaling potential for a year-end rally. Copper climbed 2%, trading near
$5 a pound, with a breakout above that level possibly targeting
$5.50.
Freeport-McMoRan shares are up 7% this year but remain 17% below their 52-week high. The stock reclaimed its 200-day moving average and shows signs of stabilizing around
$40, with upside potential toward
$47.
In steel, Steel Dynamics rose after earnings, up 30% year to date and breaking key resistance at
$150, suggesting momentum could carry shares toward
$180 early next year.
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