Key Highlights

● Freeport-McMoRan shares fell to about $70.73 on Tuesday, September 29, 2026, moving with a weak materials sector.

● Gold futures rose to about $4,190 an ounce, recovering some of Monday's drop, while silver slipped to about $61.

● The dollar index rose to about 101.50, a multi-week high, which can make dollar-priced commodities costlier for foreign buyers.

● Materials, energy and consumer staples were among the weaker sectors, and long-term Treasury yields climbed.

Freeport-McMoRan Inc. (NYSE:FCX) fell on Tuesday, September 29, 2026, trading at about $70.73. The copper and gold miner moved with a weak materials sector on a day when metals markets pulled in different directions.

Metals Send Mixed Signals

Gold and silver parted ways. Gold futures rose to about $4,190 an ounce, recovering some ground after a sharp drop on Monday, when spot silver also fell steeply. Silver went the other way on Tuesday, slipping to about $61 an ounce. For a copper and gold miner, that mixed picture offered little support. The dollar also firmed, with the dollar index rising to about 101.50, a multi-week high. Commodities priced in dollars can become more expensive for buyers using other currencies when the greenback strengthens.

Materials Lag the Market

Materials was one of the weaker sectors alongside energy and consumer staples. Elsewhere in the group, MP Materials (NYSE:MP) fell, and chemical maker Westlake (NYSE:WLK) slid after announcing the closure of a plant in Germany.

The Broad Market

The S&P 500 slipped 12.85 points, or 0.17%, to 7,670.84, while the Dow Jones Industrial Average fell 131.59 points to 51,349.92 and the Nasdaq Composite finished nearly flat at 26,797.54. Utilities led the market, chip stocks rallied and the VIX eased and stayed near 16. Oil also fell, with West Texas Intermediate crude settling $3.22 lower at $89.38 a barrel, and energy was the worst-performing sector. Bitcoin traded around $83,600.

Yields and a Weaker Consumer

The 30-year Treasury Yield reached its highest level since 2002, and the 10-year touched its highest in roughly two decades. Higher yields raise borrowing costs across the economy, a concern for capital-intensive industries such as mining. The Conference Board's consumer confidence index fell to 81.9 in September from 88.6 in August, its lowest reading since 2014 and below the 89.2 forecast. August Job Openings slipped to 7.079 million, below forecasts and the lowest since March.

A Miner Caught Between Metals and the Dollar

Mixed metals, a firmer dollar and higher yields left the copper and gold miner without a clear tailwind on the session. Fed Governor Michael Barr said further policy adjustments are likely needed. New York Fed President John Williams said there is no need for urgency after the central bank's September meeting, and odds of an October rate hike fell to roughly a coin flip.