U.S. Stock Market Movement | Non-ferrous Metal Concept Stocks Surge, Freeport-McMoRan (FCX.US) Rises Over 4%

Zhitong Finance APP has learned that on Wednesday, non-ferrous metal concept stocks rose across the board. Freeport-McMoRan Copper & Gold (FCX.US) rose more than 4%, Southern Copper (SCCO.US) and BHP Group (BHP.US) gained over 3%, Rio Tinto (RIO.US), Vale (VALE.US), and Alcoa (AA.US) increased more than 2%, and Century Aluminum (CENX.US) rose nearly 2%.

On the news front, on September 30, the U.S. released its August Personal Consumption Expenditures Price Index (PCE). The data showed that the overall PCE index for August, seasonally adjusted, rose 0.3% month-on-month and 3.4% year-on-year. Economists surveyed by Dow Jones had previously expected a month-on-month increase of 0.3% and a year-on-year rise of 3.7%. The core PCE, which excludes the more volatile food and energy components, increased 0.2% month-on-month and 3.0% year-on-year, while market expectations were for a 0.3% month-on-month and 3.3% year-on-year rise.

After the data was released, traders reduced their bets on a Federal Reserve rate hike in October. According to Chicago Mercantile Exchange (CME) “FedWatch,” the probability of the Federal Reserve keeping rates unchanged in October is 52.9%, while the chance of a total rate hike of 25 basis points is 47.1%. The probability of rates remaining unchanged by December is 10.0%, the probability of a cumulative rate hike of 25 basis points is 51.8%, and the probability of a cumulative hike of 50 basis points is 38.2%.