Market Overview - Wall Street experienced a decline, with major indexes in the red: S&P 500 down 0.3%, Nasdaq 100 down 0.5%, and Russell 2000 down 0.6% [1][7] - Investors reacted negatively to Federal Reserve Chair Jerome Powell's comments regarding the uncertainty of future rate cuts and the high valuation of equity markets [2] Sector Performance - Technology stocks led the market pullback, while energy shares saw gains as oil prices increased over 2% to nearly $65 per barrel [2] - Commodity-linked equities showed significant movements, with Freeport-McMoRan Inc. (FCX) dropping over 14% due to a fatal accident at its Indonesian mine, leading to a reduction in its 2026 production guidance [3] - Copper prices surged more than 4% due to supply concerns, benefiting other mining companies like Southern Copper Corp. (SCCO), which rose over 7% [3] Fixed Income and Currency - Treasury yields rose approximately 3 basis points, with the 10-year benchmark yield around 4.15% [4] - The dollar index increased by 0.7%, causing declines in gold and silver prices, which fell by 0.6% and 0.2%, respectively [4] Major Indices and ETFs Performance - The Vanguard S&P 500 ETF (VOO) decreased by 0.4% to $609.25, while the SPDR Dow Jones Industrial Average (DIA) slipped 0.2% to $461.81 [7] - The Energy Select Sector SPDR Fund (XLE) outperformed, rising by 2.01%, contrasting with the Technology Select Sector SPDR Fund (XLK), which fell by 1% [7] Top Performers and Losers - Top performers in the S&P 500 included CF Industries (+5.45%), Intel (+5.49%), and The Mosaic Company (+5.21%) [6] - Notable losers included Freeport-McMoRan Inc. (-14.87%), Axon Enterprise (-7.29%), and KKR & Co. (-5.13%) [8]

Core Viewpoint - Freeport-McMoRan's shares experienced a significant decline following the announcement of production setbacks due to a fatal accident at its Grasberg operations in Indonesia [1] Group 1: Company Impact - The company disclosed that the production issues are directly linked to the recent fatal accident, which has raised concerns about operational safety and efficiency [1] - The sharp decline in share price reflects investor reaction to the potential long-term impacts on production and profitability stemming from these setbacks [1] Group 2: Industry Context - The incident at Grasberg highlights ongoing challenges in the mining industry, particularly regarding safety protocols and operational risks in high-stakes environments [1] - The copper and gold mining sectors may face increased scrutiny and regulatory pressures as a result of such accidents, potentially affecting overall industry performance [1]

Core Viewpoint - Freeport-McMoRan Inc. is facing significant operational disruptions due to a mud rush incident at its Grasberg Block Cave mine in Indonesia, which has resulted in fatalities and missing workers, leading to a reassessment of production outlook and financial implications [1][3][4]. Incident Overview - A mud rush on September 8 at the Grasberg mine resulted in the death of two workers, with five still unaccounted for. Search and recovery efforts are ongoing under the supervision of Indonesian authorities [1][2]. - Approximately 800,000 metric tons of wet material caused damage to the mine's infrastructure, halting development work and suspending operations in the Grasberg district [3]. Production Outlook - The mine is crucial for Freeport's copper and gold production, with third-quarter sales expected to decline by about 4% for copper and 6% for gold compared to previous guidance [4]. - Preliminary assessments indicate that 2026 production could be 35% lower than earlier estimates, with a phased restart anticipated in mid-2025 and full output not expected until 2027 [4]. Financial Implications - Freeport has declared force majeure with customers and is pursuing claims under property and business interruption insurance policies, which could cover up to $1 billion, with a cap of $700 million for underground incidents after a $500 million deductible [5]. Market Reaction - Following the incident update, Freeport's shares fell by 9.70%, reflecting investor concerns over lost output and the extended timeline for recovery [6][7].

Group 1 - Freeport-McMoRan declared force majeure on contracted supplies from its Grasberg Block Cave mine in Indonesia, leading to a significant increase in copper prices, with three-month futures trading above $10,496 per ton, up 2.74% for the day [1] - Following the declaration, Freeport's shares fell by as much as 10.4% in New York, while competitors such as Glencore PLC, Teck Resources, and Antofagasta saw their shares rise by 3%, 5%, and 7.4% respectively [2] - The Grasberg mine, the world's second-largest copper mine, halted production after a tragic accident on September 8, which resulted in the death of two workers and the ongoing search for five others [3] Group 2 - The Grasberg Block Cave ore body accounts for 50% of PT Freeport Indonesia's estimated proven and probable reserves as of December 31, 2024, and approximately 70% of the company's previously forecast copper and gold production through 2029 [4] - Freeport updated its third-quarter guidance, expecting consolidated sales to be about 4% lower for copper and approximately 6% lower for gold compared to previous estimates made in July [5] - In addition to Freeport's challenges, Hudbay Minerals Inc. announced the shutdown of operations at a mill at its Constancia mine site in Peru due to ongoing political protests, indicating broader disruptions in the copper industry [5]

Let's get to Jim and stop trading. >> The uh there's some very bad news out both in terms of human life and money. I don't mean to conflate them, but on Freeport FCX, they reported two fatalities from September 18th of Mud Rush incident.But they also are saying that third quarter sales were much lower for gold, 6% lower for copper, 4%. And just keep in mind that gold is one of the reasons why people have been buying this because gold is is red hot but also copper is used in the data center. So that stock's ...

Company Insights - Freeport-McMoRan (FCX) reported two fatalities from a mud rush incident on September 18, highlighting serious safety concerns within the company [1] - The company experienced a significant decline in third-quarter sales, with gold sales down 6% and copper sales down 4%, raising concerns about its performance in a market where gold prices are typically strong [2] - The Grasberg mine in Indonesia, Freeport's largest copper mine, is facing uncertainties that complicate recovery efforts and may impact future production [3] Industry Trends - The price of gold has decreased by approximately $20 recently, indicating potential volatility in precious metal markets [4] - The bond market's behavior post-Federal Reserve announcements has affected mortgage rates, which have risen again, potentially impacting consumer spending and housing market dynamics [4] - Home Depot's stock performance is being closely monitored as an indicator of broader market health; a significant drop in its stock price raises concerns about the retail sector's resilience [5]

美国矿业巨头自由港麦克莫兰公司(FCX.US)跌超9.4%，报41.09美元。消息面上，自由港麦克莫兰公司 确认，其位于印尼的Grasberg Block Cave矿9月8日发生的泥石流事故已造成两名工人死亡，另有五名工 人仍下落不明。公司预计最早要到2027年才能恢复事故前的生产水平，2026年铜金产量较此前预期下降 约35%。(格隆汇) ...

Copper prices jumped after Freeport McMoRan said force majeure was declared on contracted supplies from its giant Grasberg mine in Indonesia https://t.co/ZV2SUgro4K ...

Group 1 - Freeport-McMoRan expects consolidated sales to decrease by approximately 4% for copper and nearly 6% for gold in the third quarter compared to previous forecasts, leading to a 9% drop in the company's shares during premarket trading [1][2] - The company had previously forecasted consolidated sales of 1 billion pounds of copper and 350 thousand ounces of gold for the third quarter [2] - Mining operations at the Grasberg mine in Indonesia were temporarily halted due to a large flow of wet material that blocked access to parts of the underground mine, affecting evacuation routes for seven workers [1][2] Group 2 - Freeport-McMoRan operates the Grasberg mine, one of the largest gold and copper mines globally, and has been constructing a smelter in Indonesia, which was damaged by a fire last year and subsequently shut down [2]

Core Points - Freeport's Board of Directors declared a cash dividend of $0.15 per share on its common stock [1] - The dividend consists of a base dividend of $0.075 per share and a variable dividend of $0.075 per share, reflecting the company's performance-based payout framework [1] - The dividend payment is scheduled for November 3, 2025, to shareholders of record as of October 15, 2025 [1]