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In seeking to track the performance of the S&P Metals & Mining Select Industry Index (the index), the fund employs a sampling strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the metals and mining segment of the S&P Total Market Index (S&P TMI). The fund is non-diversified.

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SPDR S&P METALS & MINING ETF

Alcoa Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) shares are trading lower on Thursday after rebounding from Wednesday&#8217;s increase.
Yesterday, the company reported third-quarter sales of $2.904 billion, missing the consensus of $2.967 billion and adjusted EPS of $0.57, exceeding <a href="https://www.benzinga.com//node/41376546" target="_blank" rel="noreferrer noopener">the consensus of $0.28</a>.
JPMorgan analyst Bill Peterson raised the price target to $39 from $36 while <a href="https://www.benzinga.com/quote/AA/analyst-ratings" target="_blank" rel="noreferrer noopener">maintaining a Neutral rating</a>.
The analyst wrote that with low-hanging fruit already secured, future progress depends on savings from Kwinana's curtailment, the ramp-up at Warrick/Alumar and potential benefits from the Inflation Reduction Act (IRA).
The analyst anticipated additional support from lagged alumina pricing for the fourth quarter before it normalizes later next year.
The analyst said he is also eager for updates on the proposed San Ciprian resolution, which seemed to hinge on government and union cooperation before funding runs out in the coming months.
Also Read: <a target="_blank" href="https://www.benzinga.com//node/41387068" rel="noreferrer noopener">Alcoa Analysts Increase Their Forecasts After Upbeat Earnings</a>
Alcoa appeared to be adopting a disciplined approach to enhance efficiencies, reduce costs and streamline its portfolio, which was expected to strengthen its capital structure and generate further EBITDA growth independent of commodity pricing, added the analyst.
The analyst did reflect a cautious near-term outlook for aluminum due to conflicting indicators from China, the potential impact of the U.S. elections and the beginning of the Federal Reserve&#8217;s rate-cutting cycle.
The analyst believed the market needs more evidence of supportive fiscal stimulus from China, improved macroeconomic activity and significant inventory draws to trigger the next sustainable increase in aluminum pricing, likely extending into 2025.
Overall, the analyst said execution remained a "show me" story, with the next catalyst likely being a decision regarding the loss-making San Ciprian complex before the end of 2024.
Investors can gain exposure to the stock via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>) and&nbsp;SPDR S&amp;P Metals &amp; Mining ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
AA Price Action: Alcoa shares are down 3.73% at $40.50 at publication Thursday.
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Photo: Shutterstock

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Alcoa Analyst Boosts Price Target: Growth Strategy Hinges On Kwinana Savings, San Ciprian Resolution

Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) shares are trading higher on premarket Thursday. On Wednesday, the company reported third quarter sales of $2.904 billion, <a href="https://www.benzinga.com/pressreleases/24/10/b41368327/alcoa-corporation-reports-third-quarter-2024-results" target="_blank" rel="noreferrer noopener">missing the consensus of $2.967 billion</a>.
Alumina production dropped 4% sequentially&nbsp;to 2.44 million metric tons, mainly due to the full curtailment of the Kwinana refinery in June 2024.
Meanwhile, aluminum production rose 3% sequentially&nbsp;to 559,000 metric tons, driven by progress on the Alumar smelter restart.
In the Alumina segment, third-party shipments dropped 9% sequentially, mainly due to reduced trading activity.
In the Aluminum segment, total shipments fell 6% on a sequential basis, owing to lower trading and shipment timing.
Adjusted EBITDA, excluding special items, rose to $455 million from $325 million in the second quarter thanks to higher alumina prices and lower raw material costs.
Adjusted EPS&nbsp;of $0.57 exceeded<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> the consensus of $0.28</a>.
The company ended the third quarter of 2024 with a cash balance of $1.3 billion.
Dividend: The Board of Directors declared a quarterly cash dividend of $0.10 per share, payable on November 15 to stockholders of <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41355285/alcoa-corporation-declares-quarterly-cash-dividend" rel="noreferrer noopener">record as of October 29</a>.
Outlook: Alcoa maintains its 2024 Alumina segment production forecast at 9.8 to 10 million metric tons while increasing its shipment projection to 12.9 to 13.1 million metric tons, up by 0.2 million metric tons from the prior forecast <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">due to higher trading volumes</a>.
This gap between production and shipments is attributed to the use of externally sourced alumina to meet contracts following the Kwinana refinery curtailment.
Aluminum segment production and shipment estimates remain unchanged, with production expected between 2.2 and 2.3 million metric tons, and shipments between 2.5 and 2.6 million metric tons.
In fourth quarter, Alumina Segment Adjusted EBITDA is expected to see a $30 million sequential benefit from higher shipments and lower costs, while the Aluminum Segment is anticipated to perform flat, maintaining the third quarter levels.
Alcoa President and CEO William F. Oplinger said, &#8221;We gained flexibility after closing the Alumina Limited acquisition and announced the sale of our interest<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40873786/alcoa-pockets-1-1b-from-saudi-joint-venture-sale-details" rel="noreferrer noopener"> in the Ma&#8217;aden joint ventures</a>.&#8221;
&#8220;Positive markets and our focus on continuous improvement led to stronger results for the third quarter, while we continue to execute initiatives to further enhance our operations.&#8221;
In a separate release, Alcoa and IGNIS Equity Holding disclosed plans to move forward with a <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41367645/alcoa-and-ignis-eqt-progress-toward-strategic-agreement-to-support-future-of-alcoa-san-cipri-n-ope" rel="noreferrer noopener">strategic cooperation agreement</a>.
The partnership aims to support the ongoing operation of Alcoa&#8217;s San Ciprián facilities.
This week, the company announced a long-term agreement to supply Aluminium Bahrain B.S.C. (Alba) with up to 16.5 million tonnes of smelter-grade <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41328920/alcoa-announces-long-term-alumina-supply-contract-extension-with-aluminium-bahrain" rel="noreferrer noopener">alumina over the next ten years</a>.
Investors can gain exposure to the stock via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>) and&nbsp;SPDR S&amp;P Metals &amp; Mining ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action: AA shares are up 5.18% at $44.25 premarket at the last check Thursday.
Photo via Shutterstock
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</ul>

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Alcoa Beats Q3 EPS Expectations, Rides Alumina Price Surge Despite Production Hiccups

U.S. metals and mining stocks posted their strongest one-day rally of 2024 on Tuesday, driven by China&#8217;s unexpected <a href="https://www.benzinga.com/markets/asia/24/09/41003814/chinese-stocks-jump-as-central-bank-unveils-major-stimulus-to-spur-economy-a-step-in-the-right-direc">and substantial monetary easing. </a>
The People&#8217;s Bank of China&#8217;s (PBoC) stimulus measures, including cuts to the reserve requirement ratio and repo rates, boosted global demand for raw materials, sparking a surge in metal prices and mining stocks.
The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) surged 4.2%, marking its best one-day performance since November 2023. The move reflected heightened optimism in the sector, which benefits heavily from demand in China, the world's largest consumer of raw materials.
<h3 class="wp-block-heading">Chart: Metals &amp; Mining Stocks Mark Best Day In Almost A Year</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="371" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-1024x371.png" alt="" class="wp-image-563348" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-1024x371.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-300x109.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-768x278.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-1536x556.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092424&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h3 class="wp-block-heading">Precious, Industrial Metals Shine</h3>
Gold prices hit yet another fresh record on Tuesday, rising 0.3% to $2,638 per ounce, the highest in history, as the metal benefited from expectations of higher liquidity from global central banks. 
The People&#8217;s Bank of China&#8217;s 50-basis-point cut to the reserve requirement ratio is expected to boost bank lending, while the reduction in key interest rates provides relief to heavily indebted sectors. This move is also seen as a strong signal that further monetary easing may be on the horizon.
Silver jumped 1.2%, while copper saw an even bigger rally, surging over 3%. The broad gains in metals prices were driven by expectations of increased Chinese demand, as the country&#8217;s easing measures are aimed at stimulating domestic economic activity.
Last week, the Federal Reserve slashed interest rates by 50 basis points to 4.75%-5%, offering another strong tailwind to metal commodities. 
<h3 class="wp-block-heading">Mining Stocks, ETFs Post Gains</h3>
Mining-related stocks and ETFs are enjoying strong performance Tuesday. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) climbed over 6%, reflecting the sharp increase in copper prices, while the Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rose 2%.
Here's a look at the five strongest performers within the SPDR S&amp;P Metals &amp; Mining ETF stocks on Tuesday
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>Price</th>
<th>1-Day Return</th>
</tr>
</thead>
<tbody>
<tr>
<td>MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>)</td>
<td>$15.72</td>
<td>+10.48%</td>
</tr>
<tr>
<td>Ramaco Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/METC#NYSE">METC</a>)</td>
<td>$11.04</td>
<td>+8.83%</td>
</tr>
<tr>
<td>Warrior Met Coal, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCC#NYSE">HCC</a>)</td>
<td>$59.94</td>
<td>+7.81%</td>
</tr>
<tr>
<td>Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>)</td>
<td>$36.78</td>
<td>+7.45%</td>
</tr>
<tr>
<td>Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>)</td>
<td>$12.74</td>
<td>+7.36%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 10:30 a.m. ET Photo via Shutterstock. </figcaption></figure>

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Gold Breaks Records On China's Policy Stimulus: Mining, Metal Stocks Exhibit Strongest 1-Day Rally In 2024

Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) reinforced its bullish outlook on gold, citing increased central bank demand and expectations of a U.S. Federal Reserve <a target="_blank" href="https://www.benzinga.com/federal-reserve" rel="noreferrer noopener">interest rate cut</a> tomorrow.
"While we see some tactical downside to gold prices under our economists' base case of a 25bp Fed cut on Wednesday, we reiterate our long gold trading recommendation and our price target of $2,700/oz by early 2025," the investment bank said in a note.
With the price of gold making new all-time highs, reaching 2589.60 on the spot market, the two-quarter upside price target of 5% doesn't seem much. At the moment, the market is pricing a 65% chance of a 50-basis-point cut tomorrow, <a target="_blank" href="https://www.google.com/search?client=firefox-b-d&amp;q=cme+fed+watchtool" rel="noreferrer noopener">per</a> the CME FedWatch tool.
Now read:<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40861213/why-interest-rate-cuts-wont-automatically-boost-the-stock-market" rel="noreferrer noopener"> Why Interest Rate Cuts Won't Automatically Boost The Stock Market</a>
Gold is traditionally seen as a hedge against inflation and economic uncertainty. With the U.S. recession still in discussion and a Fed pivot toward more accommodative monetary policies, investor interest in gold is <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40689742/goldman-sachs-bullish-on-gold-wall-street-giant-targets-2-700-by-early-2025-driven-" rel="noreferrer noopener">expected to remain strong</a>, accompanied by buying from foreign central banks, <a target="_blank" href="https://www.benzinga.com/markets/asia/24/05/38649656/how-chinas-central-bank-gold-buying-frenzy-drove-prices-to-record-highs-attracting-gen-z-to-gold-bea" rel="noreferrer noopener">particularly China</a>.
The Fed's anticipated rate cuts could <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40861213/why-interest-rate-cuts-wont-automatically-boost-the-stock-market" rel="noreferrer noopener">lower bond yields</a>, making gold more attractive as it does not generate interest.
In contrast to its positive gold outlook, the bank recently downgraded its projection for iron ore prices. The bank slashed its fourth-quarter 2024 forecast by $15 per metric ton, lowering it to $85 due to concerns of oversupply despite stabilizing demand from China.
Despite China's attempts at economic stimulus and rising steel demand, the broader economic slowdown and the real estate crisis have dampened demand for iron ore. Its futures briefly dipped below $90, reaching the lowest point in almost two years.
Goldman noted that while there might be short-term support due to restocking ahead of the holiday week in October, but the continued buildup of iron ore inventories is likely to drive prices further down.
Supply-demand imbalances have been a key issue for the market, particularly with major players like Brazil's Vale and Australia's BHP maintaining production levels.
Kallanish Consulting analyst Ian Roper explained the current price dynamics <a target="_blank" href="https://www.bnnbloomberg.ca/business/international/2024/09/11/iron-ore-tests-floor-as-plunge-to-90-a-ton-puts-mines-at-risk/" rel="noreferrer noopener">for</a> Bloomberg.
"We need to eliminate about 100 million tons to balance this market, and to do that, we need prices to settle in the $80s," he noted.
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</ul>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!
Image via Shutterstock

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Goldman Sachs Sees Gold Higher, Takes A Downbeat Stance On Iron Ore

Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) shares are trading higher after it entered a binding agreement with Saudi Arabian Mining Company (Ma&#8217;aden) to sell its 25.1% ownership in the<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40868965/alcoa-announces-agreement-to-sell-its-25-1-stake-in-maaden-joint-venture-to-maaden" rel="noreferrer noopener"> </a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40868965/alcoa-announces-agreement-to-sell-its-25-1-stake-in-maaden-joint-venture-to-maaden" rel="noreferrer noopener">Ma&#8217;aden Joint Venture</a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40868965/alcoa-announces-agreement-to-sell-its-25-1-stake-in-maaden-joint-venture-to-maaden" rel="noreferrer noopener"> for around $1.1 billion</a>.
The transaction comprises around 86 million Ma&#8217;aden shares, valued at $950 million based on the 30-day volume-weighted average price as of September 12, 2024, and $150 million in cash.
The 2009 Saudi joint venture includes Ma&#8217;aden Bauxite and Alumina Company&nbsp;(MBAC) and Ma&#8217;aden Aluminium Company&nbsp;(MAC). Alcoa holds 25.1% of the joint venture, valued at $545 million as of June 30, 2024.
As per the deal, Alcoa will retain its Ma&#8217;aden shares for at least three years, with one-third becoming transferable after the third, fourth, and fifth anniversaries of the transaction&#8217;s closing.
During this holding period, Alcoa can hedge or borrow against its shares. In certain conditions, the holding period may be shortened.
After the transaction, Alcoa will hold approximately 2% of Ma&#8217;aden&#8217;s outstanding shares.
The transaction is pending regulatory approvals, Ma&#8217;aden shareholder approval, and other customary conditions, with an expected closing in the first half of 2025.
William F. Oplinger, Alcoa&#8217;s President and CEO, said, &#8220;The transaction simplifies our portfolio, enhances visibility in the value of our investment in Saudi Arabia and provides greater financial flexibility for Alcoa, an important part of improving our long-term competitiveness.&#8221;
&#8220;Since 2009, Alcoa has been a valued partner of Ma&#8217;aden, and our aluminium business has benefited substantially from our strategic partnership,&#8221; stated Bob Wilt, Ma&#8217;aden&#8217;s CEO.
Alcoa closed the second quarter with a <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39825296/alcoa-corporation-reports-second-quarter-2024-results" rel="noreferrer noopener">cash balance of $1.49 billion.</a>
Investors can gain exposure to the stock via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>) and SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action: AA shares are up 1.45% at $32.99 premarket at the last check Monday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39845827/alcoas-profitability-program-reaping-results-analyst-sees-tailwinds-from-lagged-alu" target="_blank" rel="noreferrer noopener">Alcoa&#8217;s Profitability Program Reaping Results &#8211; Analyst Sees Tailwinds From Lagged Alumina Pricing</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Alcoa Pockets $1.1B From Saudi Joint Venture Sale: Details

Jerome Powell's interest rate remarks Friday ignited a rally in stocks, bonds, and commodities, while the U.S. dollar plunged as traders solidified their bets on <a href="https://www.benzinga.com/topic/interest-rates">rate cuts</a>.
Financial markets responded positively to Fed chair Powell&#8217;s remarks at the Jackson Hole symposium, where he said the &#8216;&#8221;time has come <a href="https://www.benzinga.com/etfs/sector-etfs/24/08/40529209/jerome-powell-time-has-come-for-interest-rate-cuts-cooling-in-labor-market-unmistakable">for policy to adjust.&#8221;</a>
The Fed chair said he is more confident the economy is on a sustainable path back to the 2% inflation target, allowing the Fed to finally shift its focus to labor market conditions.
&#8220;We do not seek or welcome further cooling in labor market conditions,&#8221; he said, adding the Fed has &#8220;ample room to respond&#8221; by adjusting its policy should further weakening in labor market conditions occur.
<h3 class="wp-block-heading">7 Key ETFs React To Powell&#8217;s Jackson Hole Speech</h3>
A greenback gauge, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), tumbled by 0.7% at 11 a.m. ET., extending its weekly decline to 1.4% — the worst performance it has recorded this year.
Driven by expectations of lower interest rates and a weakening dollar, gold prices surged to a new all-time high of $2,530 per ounce following the speech, with the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) climbing by 1.1%. 
Wall Street initially rallied before paring back some gains as traders assess the economic outlook.
Small caps, instead, substantially outperformed large-cap indices. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 2.9%, on track for its strongest session since July 16. 
Within sectors, real estate stocks rallied, with the Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) up 1.8%, hitting the highest levels since September 2022. 
Interest-rate sensitive industries saw significant gains following Powell&#8217;s remarks, with homebuilders, regional banks and miners leading the market.
The SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) jumped 4.6%, while the iShares U.S. Home Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>) climbed 3.2%, and the SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) advanced 1.7%.
Don't miss the opportunity to dominate in a volatile market at the <a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/">Benzinga SmallCAP Conference </a>Oct. 9-10 at the Chicago Marriott Downtown Magnificent Mile. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="440" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23110937/image-232-1024x440.png" alt="" class="wp-image-511163" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23110937/image-232-1024x440.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23110937/image-232-300x129.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23110937/image-232-768x330.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23110937/image-232-1536x660.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23110937/image-232.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Jerome Powell and Wall Street illustration. Photo: Federalreserve/Flickr Photo: Bylolo/Unsplash

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Powell's Rate Cut Signal Triggers Small-Cap Rally, Gold Makes Record Highs, Dollar Tumbles: 7 ETFs On The Move

The discovery of a fist-sized diamond in Botswana was announced on Wednesday by Canadian mining company Lucara Diamond Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUCRF#OTC">LUCRF</a>).
At 2,492-carats, the stone is likely the second-largest gem-quality diamond ever uncovered. It was found at the Karowe diamond mine, which is owned by the company.
Weighing over 1 pound, the newly found diamond has not yet been given a name. Naming large stones is a traditional practice for exceptionally valuable finds. It was unveiled on Thursday at Botswana President Mokgweetsi Masisi's office, ABC News <a href="https://abcnews.go.com/International/wireStory/botswana-huge-2492-carat-diamond-uncovered-mine-113052516">reported</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="542" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/22142719/diamond-lucara.jpg" alt="" class="wp-image-509432" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/22142719/diamond-lucara.jpg 800w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/22142719/diamond-lucara-300x203.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/22142719/diamond-lucara-768x520.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure>
Photo courtesy of Lucara.
Botswana is the second-largest producer of diamond stones after Russia.
The value of the stone will depend on whether it can be cut into smaller, pure pieces. A diamond half the size called "Lesedi La Rona," found in the same mine in 2017, was sold to a British jeweler for $53 million.
Also read: <a href="https://www.benzinga.com/markets/equities/24/08/40469009/a-bar-of-pure-gold-is-now-worth-1-million-what-can-it-buy-you">A Bar Of Pure Gold Is Now Worth $1 Million: What Can It Buy You?</a>
The discovery, the company said, is a result of the use of "cutting-edge" X-ray transmission technology which allows the mine to identify large stones without the need to break them from the excess rock material.
"The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders," said President and CEO William Lamb.
This has allowed Lucara to find at least five other diamonds of above 1000 carats since 2019 in the same mine, including 1758 carat "Sewelô," which was sold to Louis Vuitton for an undisclosed amount. Louis Vuitton is owned by luxury and fashion giant LVMH Moet Hennessy Louis Vuitton SA Unsponsored ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>).
The largest gem-quality diamond ever found, of 3,106 carats, was unearthed in neighboring South Africa in 1905 and was named the "Cullinan Diamond" in honor of the mine's owner Thomas Cullinan. It was gifted to British King Edward VII in 1907 and cut into several smaller gems that are now either part of the country's Crown Jewels or owned by the royal family.
Bigger pure diamonds have been found, including "Sergio", which was 3167 carats but was not gem-quality, rather what is referred to as a black diamond. It was dug up in 1895 in Brazil and used for industrial machine parts.
The broader mining sector has experienced a seesaw pattern this year. Last week, <a href="https://www.benzinga.com/topic/gold">gold</a> reached its <a href="https://www.benzinga.com//node/40419054">highest price in history causing several mining stocks to move</a>.
SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), which covers primarily steel mining but also precious metals to a lesser degree, is down 5.7% in the last month but up 4.4% in the last six months.
SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) is down 2.8% in the last month and 2% in the past six months.
Read Next:
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<li><a href="https://www.benzinga.com//node/40457722">Gold &#8216;Is Getting Its Moment In The Sun&#8217; And Experts Say The Record High Prices Could Climb Even Higher: Here&#8217;s The Case For Even More Glittering Gains</a></li>
</ul>
Photo courtesy of Lucara.

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Check Out 'Massive' 2,492-Carat Diamond Found In Botswana: Twice The Size Of $53M Gem Unearthed In 2017

Minutes from the July Federal Open Market Committee (FOMC) meeting have further solidified investors&#8217; expectations for a rate cut at the upcoming September meeting, as policymakers highlighted <a href="https://www.benzinga.com/top-stories/24/08/40492530/fed-minutes-reveal-plausible-case-for-interest-rate-cut-as-policymakers-cheer-inflation-progress">continued progress in disinflation.</a>
The U.S. dollar index, as closely tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), extended losses to a negative 0.3% for the day as of 3:40 p.m. ET, eyeing its fourth consecutive session of losses, driven by rising expectations of Fed rate cuts.
The minutes revealed that some participants had considered the &#8220;plausible case&#8221; for lowering rates as early as the July meeting, a sentiment echoed by Fed Chair Jerome Powell during the subsequent press conference.
The vast majority of participants noted that, if incoming data aligned with expectations, &#8220;it would likely be appropriate to ease policy at the next meeting.&#8221;
&#8220;Participants judged that recent data had increased their confidence that inflation was moving sustainably toward 2 percent,&#8221; the minutes stated.
Participants also agreed that labor market conditions were coming into better balance and that indicators tracking jobless claims and job separations deserved close attention going forward.
Moreover, the moderation in the labor market is expected to continue contributing to disinflation, particularly in core nonhousing services prices.
The path seems set for a rate cut in September, with Fed funds futures markets assigning a 61.5% probability for a 25-basis-point cut, compared to a 38% chance of a more significant 50-basis-point cut.
The probability of a more aggressive half-point rate cut surged during Wednesday&#8217;s session, influenced by a downward revision in annual nonfarm payroll estimates through March 2024 and supported by the FOMC minutes.
Also Read: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40493585/why-arkk-stalled-as-qqq-took-off-harsh-lessons-over-past-5-years">Why ARKK Stalled As QQQ Took Off: Harsh Lessons Over Past 5 Years</a>
<h3 class="wp-block-heading">Market Reactions</h3>
Wall Street had a minimal reaction to the minutes, with indices broadly holding their session gains.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500 Index, was up by 0.4%, mostly unchanged after the minutes.
The tech-heavy Nasdaq 100, as monitored through the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), also showed a similar behavior, holding up a 0.5% gain for the day. 
Sector-wise, materials extended their gains following the release of the minutes, with the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) rising 1.2% for the session. 
Gold prices inched higher to $2,515 per ounce, fueling a surge in mining-related industries. 
The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) rose 0.4% after the minutes, pushing session gains to 1.9%. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose by about 0.5%, on track to secure its fifth straight session of gains, and reaching levels last seen in April 2022. 
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spiked 1.4% in the hour post minutes, extending daily gains to 3% 
Read now: 
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40489714/traders-raise-bets-on-aggressive-rate-cuts-as-us-economy-sees-818-000-jobs-revised-away-7-etfs-r">Traders Raise Bets On Aggressive Rate Cuts As US Economy Sees 818,000 Jobs Revised Away: 7 ETFs React To Employment Data</a></li>
</ul>
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Dollar Falls As Fed Minutes Cement September Rate Cut; Bitcoin Rallies, Gold Miners Jump To 16-Month High

Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) shares are trading higher today after the company reported financial results <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39893870/cleveland-cliffs-reports-mixed-q2-earnings-investors-focus-on-strong-free-cash-flow-generation-cont" rel="noreferrer noopener">for the second quarter yesterday</a>.
The company reported revenue of $5.09 billion, missing the&nbsp;consensus estimate of $5.20 billion, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/gxjhpowx7zks" rel="noreferrer noopener">Benzinga Pro</a>. The company reported breakeven adjusted earnings, beating analyst estimates for a loss of 2 cents per share.
Cleveland-Cliffs lowered its full-year 2024 expected capital expenditures range from a range of $675 million&nbsp;to&nbsp;$725 million to a new range of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$650&nbsp;million to&nbsp;$700 million</a>.
The company also noted that its year-over-year steel unit cost reduction objective of approximately&nbsp;$30&nbsp;per net ton remains on track.
KeyBanc Capital Markets analyst Philip Gibbs writes that Steel volumes of ~4.0Mt matched their model, but pricing/mix exceeded expectations by $9/ton or <a target="_blank" href="https://www.benzinga.com/quote/Clf/analyst-ratings" rel="noreferrer noopener">$35 million (down ~$50/t q/q)</a>.
He further adds that core SG&amp;A/opex was notably low at ~$103 million (+$47 million vs. their model), decreasing $29 million q/q and $46 million y/y.
Last week, Cleveland-Cliffs entered into a definitive agreement to acquire&nbsp;Stelco Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/STZHF#OTC">STZHF</a>) for a total enterprise&nbsp;value of <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39770873/cleveland-cliffs-doubles-down-on-steel-with-2-5b-acquisition-expects-120m-in-annual-savings" rel="noreferrer noopener">around&nbsp;$2.5 billion (CAD3.4 billion)</a>.
The deal is expected to boost CLF&#8217;s EPS for 2024 and 2025, with $120 million in annual cost savings anticipated.
Investors can gain exposure to the stock via&nbsp;SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) and&nbsp;VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>).
Price Action: CLF shares are up 4% at $15.82 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by christopher-burns- for Unsplash

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What's Going On With Cleveland-Cliffs Shares Today?

Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) shares are trading lower today. The company entered into a definitive agreement to acquire Stelco Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/STZHF#OTC">STZHF</a>) for a total enterprise <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39767374/cleveland-cliffs-announces-the-acquisition-of-stelco" rel="noreferrer noopener">value of around&nbsp;$2.5 billion (CAD3.4 billion)</a>.
Stelco is an integrated steelmaker consisting of two operational sites, both located in the province of Ontario. Stelco ships approximately 2.6 million net tons of flat-rolled steel annually, primarily hot-rolled steel to service center customers.&nbsp;
As per the deal, Stelco shareholders will receive CAD60.00 per share in cash plus 0.454 shares of Cliffs common stock per Stelco share (or CAD10.00 per share as of July 12, 2024), making a total of CAD70.00 per Stelco share.
The acquisition values Stelco at a multiple of 4.8x the LTM Adjusted EBITDA as of March-end. Cliffs anticipates achieving around $120 million in annual cost savings <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">without affecting union jobs</a>.
The transaction is expected to immediately boost CLF&#8217;s EPS for 2024 and 2025, with pro forma net leverage standing at 2.4x the LTM Adjusted EBITDA as of March-end.
The transaction has been approved unanimously by both Cliffs&#8217; and Stelco&#8217;s boards and is expected to close in the fourth&nbsp;quarter of 2024, subject to shareholder and regulatory approvals and other customary closing conditions.
Post-transaction closure, Cliffs shareholders will hold about 95% and Stelco shareholders approximately 5% of the combined company on a fully diluted basis.
Cliffs&#8217; acquisition of Stelco expands its steelmaking footprint and doubles its exposure to the flat-rolled spot market, leveraging cost advantages in raw materials, energy, healthcare, and currency.
This acquisition integrates 1,800 United Steelworkers (USW) union employees into Cliffs&#8217; workforce.
Lourenco Goncalves, Chairman of the Board, President, and CEO of Cliffs, stated, &#8220;The enterprise value of this transaction is significantly lower than the cost of building an equivalent replacement mill in the United States, and the cost structure is lower than what a new U.S. mill would provide us.&#8221;
Cleveland-Cliff&#8217;s total liquidity stood at&nbsp;$4 billion&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38365334" rel="noreferrer noopener">as of March-end</a>.
Investors can gain exposure to the stock via&nbsp;SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) and First Trust Materials AlphaDEX Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXZ#NYSE">FXZ</a>).
Price Action: CLF shares are down 2.41% at $15.78 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Cleveland-Cliffs Doubles Down on Steel with $2.5B Acquisition, Expects $120M in Annual Savings

Commercial Metals Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMC#NYSE">CMC</a>) shares are trading higher after the company reported third-quarter FY24 net sales of $2.078 billion,&nbsp;beating <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39407376/cmc-reports-third-quarter-fiscal-2024-results" rel="noreferrer noopener">the consensus of $2.034 billion</a>.
The company stated that fundamentals remain strong in North American markets, supporting stable to modestly improving steel product margins, healthy shipment levels, and steady downstream backlog volumes.
Commercial Metals reported that the Europe Steel Group achieved nearly breakeven performance on an adjusted EBITDA basis in the third quarter. Market conditions remained stable compared to the previous quarter, with slight increases in finished steel pricing and product margins.
The Europe Steel Group&#8217;s average selling price increased by $8 per ton from the second quarter of fiscal 2024.
Core EBITDA decreased to&nbsp;$256.1 million from $384.5 million in the prior year quarter, with a core EBITDA margin of 12.3%.
Adjusted EPS was $1.02,<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener"> which is in line with the consensus.</a>
As of February 29, 2024, cash and cash equivalents totaled $698.3 million, with available liquidity of about&nbsp;$1.5 billion.
The company&#8217;s net cash flows from operating activities for the first nine months totaled $547.9 million.
In the quarter, CMC repurchased stock worth $51.8 million. As of May-end, $458.6 million shares remained available under the current share repurchase authorization.
Dividend: On June 19, 2024, the board declared a quarterly dividend of $0.18 per share (+13% Y/Y), payable on July 10, to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39397675/cmc-announces-quarterly-dividend-of-0-18-per-share" rel="noreferrer noopener">stockholders of record on July 1</a>.
Peter Matt, President and Chief Executive Officer, stated, &#8220;We expect consolidated financial results in our fiscal fourth quarter to be consistent with third quarter levels.  Finished steel shipments within the North America Steel Group are anticipated to be flat on a sequential basis, while adjusted EBITDA margin should remain relatively stable.&#8221;
&#8220;Adjusted EBITDA for our Europe Steel Group is likely to continue the quarter-to-quarter improvement trend despite market conditions that are expected to remain challenging.  Financial results for the Emerging Businesses Group should improve modestly, driven by steady underlying market <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">fundamentals and a healthy order book</a>.&#8221;
Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action: CMC shares are up 5.85% at $53.71 at the last check Thursday.

Why Commercial Metals Shares Are Surging Today

Friday is shaping up to be one of the strongest days for metal commodities in recent years. Gold climbed over 1.7% toward a record-high close above $2,400 per ounce, silver surged more than 6% to its highest level since February 2013, and copper hit <a href="https://www.benzinga.com/topic/mining">an all-time high.</a>
What Happened: In a week marked by diminishing inflation fears, the case for Federal Reserve rate cuts strengthened. Additionally, news of a broad-based Chinese stimulus to support the struggling real estate sector sent metal commodities skyrocketing. Beijing announced measures such as reducing down payments for homebuyers and a state-financed package to convert unsold<a href="https://www.benzinga.com/markets/asia/24/05/38895805/china-goes-all-in-as-beijing-vows-to-buy-unsold-properties-chinese-stocks-rally-copper-hits-all-time"> properties into social housing.</a>
Copper, extremely sensitive to China&#8217;s economic health as the country is the top purchaser of the red metal, rallied 4% to above $5 a pound. This surge marked a fresh weekly all-time high and its strongest day since November 2022.
Precious metals like silver and gold positively reacted to both interest-rate and Chinese-related developments. Silver spiked above $30, breaking out of a triple-top resistance pattern.
Chart: Copper Hits All-Time High
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png" alt="" class="wp-image-344275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Expert Insights on Metal Commodities</h3>
According to Otavio Costa, macro strategist at Crescat Capital, central banks are &#8220;acquiring gold to enhance the quality of their international reserves and thereby strengthen the credibility of their monetary systems.&#8221; 
He highlighted that unlike many investors and traders, central banks have a long-term perspective, meaning that &#8220;the accumulation of gold by these institutions is just beginning.&#8221;
According to analysts at Goldman Sachs, copper remains a focus amid an ongoing short squeeze that has sent futures to record highs. The investment bank maintains a positive outlook on copper, citing the market&#8217;s structural deficit and forecasting a 20% increase from current levels.
Jeff Currie, former Goldman Sachs commodities strategist and now chief strategy officer of energy pathways at Carlyle Group, stated in a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-05-17/jeff-currie-says-copper-is-the-best-trade-he-s-seen-in-his-career?sref=TBDibEcD">interview </a>that the red mental still has more room to run, emphasizing copper&#8217;s importance in powering electric vehicles, updated grids and AI data centers.
Chart: Silver Notches Best-Performing Week Since August 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png" alt="" class="wp-image-344292" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Mining Stocks Surge</h3>
The rally in metal commodities fueled broad-based gains on mining stocks. 
<ul>
<li>The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) rose 1.8% reaching April 2022 highs. Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) and Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) were the top gainers among miners, both up by 11%. </li>
</ul>
<ul>
<li>The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) skyrocketed 4.3%, hitting a record high since the fund&#8217;s inception in 2010. Taseko Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>), Ero Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERO#NYSE">ERO</a>), and First Quantum Minerals Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FM#NYSE">FM</a>) were the fund&#8217;s top performers, up 7.3%, 6.8% and 6.6%, respectively</li>
</ul>
<ul>
<li>The Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rose 5%, reaching April 2022 highs. Besides Coeur Mining and Hecla Mining Company, Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>) also performed strongly, up 10%. </li>
</ul>
<ul>
<li>The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surged 3%, also reaching April 2022 highs, with New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) topping the performance among gold miners, up nearly 12%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38894659/bank-of-americas-contrarian-guru-unveils-best-portfolio-hedge-against-hard-landing-">Bank Of America&#8217;s Contrarian Guru Unveils Best Portfolio Hedge Against Hard Landing: &#8216;No One Is Long&#8217;</a>
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Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks' Wild Ride

Alcoa Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) gets a price target bump from a couple of analysts following better-than-expected&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/AA/analyst-ratings" rel="noreferrer noopener">first-quarter FY24 results</a>.
Yesterday, the company reported an EPS loss of $(0.81), which beat the consensus loss of $(0.55) and revenue of $2.60 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38302798/alcoa-stock-climbs-on-q1-results-heres-why" rel="noreferrer noopener">consensus estimate of $2.56 billion</a>.
Alcoa expects alumina production to be 9.8 million and 10 million metric tons and alumina shipments to be 12.7 million and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">12.9 million metric tons for FY24</a>.
BMO Capital Markets&nbsp;analyst Katja Jancic raised the price target to $37 (from $35) and maintained the Market Perform rating.
The analyst says Alcoa is well-positioned to benefit from the positive aluminum price momentum and continued multiple actions to deliver profitability improvements over time.
Also, Jancic continues to project that the acquisition of the remaining 40% of Alcoa World Alumina &amp; Chemicals (AWAC) is expected to be beneficial in the longer term, given higher economic interest and simplified structure/greater flexibility.
Last month, Alcoa inked a binding Scheme Implementation Deed to acquire&nbsp;Alumina Limited&nbsp;Alumina Stock&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/AWCMF#OTC">AWCMF</a>) for $2.2 billion in&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37611427/alcoa-seals-2-2b-deal-to-acquire-alumina-limited-amplifying-market-presence" rel="noreferrer noopener">an all-scrip, or all-stock, transaction</a>.&nbsp;
Consequently, the analyst estimates EPS of $(0.64) vs. $(0.79) earlier in FY24 and $1.43 (vs $1.61 prior) for FY25.
Also,&nbsp;Jefferies&nbsp;increased the price target to $48 (from $45) and reiterated a Buy rating.
Meanwhile,&nbsp;J.P.Morgan&nbsp;analyst Bill Peterson writes that Aluminum demand continues to improve across markets (ex, Europe construction), which supports firming prices and improved profitability despite ongoing challenges at Warrick, Alumar, and San Ciprian mines.
The analyst estimates an EPS loss of $(1.17) (vs. $0.35 earlier) for FY24 and $2.59 (vs. $3.10 prior) for FY25.
Also, the analyst cut the second-quarter FY24 EBITDA to $245 million (vs. prior $272 million), but expects guided headwinds can be more than offset by improved pricing in both segments (alumina/aluminum +4%/+11% QTD), driving higher earnings Q/Q.&nbsp;
Also, Peterson cut the EBITDA to $1.0 billion (from $1.1 billion) for 2024.
Investors can gain exposure to the stock via&nbsp;SPDR S&amp;P Metals &amp; Mining ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) and&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>).
Price Action: AA shares are down 0.19% at $35.49 on the last check Thursday.
Photo via Wikimedia Commons

Reiteration

AWCMF

Alcoa Well-Positioned To Benefit From Positive Pricing Momentum, Analyst Says

On CNBC&rsquo;s &quot;<a href="https://www.cnbc.com/video/2024/04/16/final-trades-applovin-freeport-mcmoran-and-cvs-health.html">Halftime Report Final Trades</a>,&quot; Joshua Brown of Ritholtz Wealth Management said AppLovin Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/app#NASDAQ">APP</a>) is the number one performing <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38190730/josh-brown-is-ready-to-buy-the-best-performing-stock-in-the-russell-1000-they-make-tons-"> large cap stock of the year so far.</a>
On April 16, Morgan Stanley analyst Matthew Cost maintained AppLovin with an Equal-Weight rating and raised the price target from $55 to $70.
Stephanie Link of Hightower said she likes Freeport-McMoRan Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fcx#NYSE">FCX</a>) amid recovery in China.
On April 9, BofA Securities analyst Lawson Winder upgraded Freeport-McMoRan from Neutral to Buy and announced a $59 price target, while Scotiabank analyst Orest Wowkodaw maintained the stock with a Sector Outperform and raised the price target from $48 to $55.
Freeport-McMoRan is a top holding in the broader SPDR S&amp;P Metals &amp; Mining ETF (ARCA: XME).
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
Jim Lebenthal of Cerity Partners named CVS Health Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvs#NYSE">CVS</a>), which is set to report quarterly earnings soon.
CVS Health is scheduled to hold a conference call with analysts and investors on May 1 to discuss first quarter 2024 financial results. Analysts expect the company to report quarterly earnings at $1.71 per share, down from $2.2 per share in the year-ago period. The company is projected to post quarterly revenue of $89.21 billion, up from $80.81 billion in the year-earlier quarter.
<h3>Price Action:</h3>
<ul>
<li>AppLovin shares rose 1.3% to close at $72.32 on Tuesday.</li>
<li>Freeport-McMoRan shares fell 1.2% to settle at $49.41 on Tuesday.</li>
<li>CVS Health shares rose 0.1% to close at $69.03 during Tuesday&rsquo;s session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38284954/abbott-laboratories-u-s-bancorp-and-3-stocks-to-watch-heading-into-wednesday"> Abbott Laboratories, U.S. Bancorp And 3 Stocks To Watch Heading Into Wednesday </a>

Long Ideas

Media

Freeport-McMoRan, AppLovin And A Major Healthcare Stock On CNBC's 'Final Trades'

Piedmont Lithium Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) shares are trading higher after it announced that it received mining permit approval for the construction, operation, and reclamation of the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38244622/piedmont-lithium-receives-mining-permit-approval-for-carolina-lithium" rel="noreferrer noopener">proposed Carolina Lithium project</a>.
In particular, the company disclosed that the North Carolina Department of Environmental Quality&#8217;s (NCDEQ) Division of Energy, Mineral, and Land Resources (DEMLR) issued an approval of the mining permit for the construction, operation, and reclamation of the proposed Carolina Lithium project in Gaston County, North Carolina.&nbsp;
The project is located within both the Carolina Tin-Spodumene Belt and the U.S. Battery Belt and is being designed as a fully integrated mining, spodumene concentrate, and lithium hydroxide manufacturing operation.&nbsp;
DEMLR provided the permit approval following a thorough review of the application submitted by Piedmont on August 30, 2021.&nbsp;
Keith Phillips, President and CEO, said, &#8220;We plan to develop Carolina Lithium as one of the lowest-cost, most sustainable lithium hydroxide operations in the world, and as a critical part of the American electric vehicle supply chain. The Project is expected to contribute billions of dollars of economic output and several hundred jobs to Gaston County and North Carolina&#8217;s growing electrification economy.&#8221;
&#8220;Technical studies have demonstrated that Carolina Lithium could be a low-cost producer of spodumene concentrate and lithium hydroxide, benefitting from exceptional infrastructure, minimal transportation distances, low energy costs, a deep local talent pool, and proximity to cathode and battery customers as well as local markets for the monetization of by-product industrial minerals.&#8221;&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/23/08/33894288/piedmont-reveals-development-funding-for-ewoyaa-lithium-project" rel="noreferrer noopener">Piedmont Reveals Development Funding For Ewoyaa Lithium Project</a>
&#8220;The Project is further advantaged by the competitive corporate tax regime offered in the United States, the absence of significant royalties, and the benefits inherent in the Inflation Reduction Act of 2022.&#8221;
Investors can gain exposure to the stock via&nbsp;IShares Lithium Miners And Producers ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILIT#NASDAQ">ILIT</a>) and&nbsp;SPDR S&amp;P Metals &amp; Mining ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/commodities/24/04/38173771/piedmont-advances-nal-operations-royal-gold-subsidiary-sells-49-500-geos-hecla-mining-reports" rel="noreferrer noopener">Piedmont Advances NAL Operations; Royal Gold Subsidiary Sells 49,500 GEOs; Hecla Mining Reports Q1 Production And More: Tuesday&#8217;s Top Mining Stories</a>
Price Action: PLL shares are up 21.8% at $15.45 on the last check Monday.
Photo via Shutterstock

ILIT

Why Piedmont Lithium Shares Are Surging Today

Radius Recycling, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDUS#NASDAQ">RDUS</a>) shares are trading lower after it reported <a href="https://www.benzinga.com/pressreleases/24/04/g38088365/radius-recycling-reports-second-quarter-fiscal-2024-financial-results" target="_blank" rel="noreferrer noopener">second-quarter (Q2) financial results for 2024</a>.
Revenue stood at $621.06 million, beating the consensus of $626.15 million.
Gross margin declined to $40 million from $73 million a year ago, and adjusted EBITDA decreased to $3 million, compared to $32 million a year ago.
Ferrous sales volumes (LT, in thousands) decreased to 980 from 1,263 a year ago; adjusted EBITDA per ferrous ton sold ($/LT) was $3 compared to $25 in the prior-year quarter.
Avg. net ferrous sales prices ($/LT) rose to $384 from $367 in Q2 FY23. Finished steel average net sales price ($/ST) came in at $832 (vs. 943 a year ago), and sales volumes (ST, in thousands) of 114 (vs. 109 in the comparable period).
Finished steel sales volumes increased on the continued strength of non-residential and infrastructure demand in the Western U.S.
Adjusted loss per share: $1.04, beating the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus of $1.09</a>.
Radius implemented a plan to deliver $40 million in annual benefits by reducing selling, general, and administrative expenses by 10%.
Radius CEO Tamara Lundgren says &#8220;near-term market conditions for recycled metals are challenging&#8221; amid cyclical headwinds. The plan is to position Radius &#8220;to benefit from an improvement in market conditions and positive structural demand tailwinds.&#8221;     
&#8220;Scrap supply flows should benefit from a decline in U.S. interest rates and a recovery in global manufacturing activity. Additionally, the long-term structural demand for recycled metals remains positive, supported by the increased focus on decarbonization, the transition to low-carbon technologies, and the anticipated demand associated with the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, including Buy Clean provisions.&#8221;&nbsp;&nbsp;
Dividend: The board declared a cash dividend per share of $0.1875. It&#8217;s payable on May 6 to shareholders of record as of April 22, 2024.
Investors can gain exposure to the stock via two ETFs. They are VanEck Environmental Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVX#NYSE">EVX</a>) and SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action:&nbsp;RDUS shares are trading lower by 6.95% at $18.75 on the last check Thursday.

Dividends

Market Vectors Environmental Services Index Fund

RDUS

Why Radius Recycling Shares Are Trading Lower Today

Iron ore prices were boosted by hopes of an industrial recovery in China following data that showed improving activity in the country&#8217;s manufacturing sector.
Singapore iron ore 58% futures rose 3.8% on Monday, reversing earlier losses that took the prices nearly 4% lower, while futures on the Dalian exchange in China ended 3.8% higher. However, iron ore futures on the Chicago Mercantile Exchange (CME) fell 0.3%. 
The catalyst for the gains in Asia appeared to be data from the latest purchasing manager index (PMI) survey on <a href="https://www.benzinga.com/markets/asia/24/04/38021682/chinas-march-manufacturing-growth-could-dump-into-global-markets-thus-triggering-deflation-expert-wa">China&#8217;s manufacturing sector</a> that showed further improvement in economic activity during the first quarter.
This was driven by greater inflows of new work, including from overseas, which helped increase production and levels of purchasing of raw materials. The March Caixin PMI rose to 51.1, up from 50.9 in the previous month, and marked the fifth-successive monthly improvement.
Dr. Wang Zhe, senior economist at Caixin Insight Group, said: &#8220;Overall, the manufacturing sector continued to improve in March, with expansion in supply and demand accelerating, and overseas demand picking up. 
&#8220;Manufacturers increased purchases and raw material inventories amid continued improvement in business optimism.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/asia/24/04/38021682/chinas-march-manufacturing-growth-could-dump-into-global-markets-thus-triggering-deflation-expert-wa">China&#8217;s March Manufacturing Growth Could &#8216;Dump Into Global Markets, Thus Triggering Deflation&#8217;</a>
<h1 class="wp-block-heading">Construction: Thorn In The Side For Steel Producers</h1>
That said, construction — a key industry for the demand dynamics of steel products — remains subdued, with China still facing a sharp slowdown in the property sector.
Meanwhile, the inventory of steel in Chinese ports was at its highest level in more than a year, according to <a href="https://www.bloomberg.com/news/articles/2024-04-01/iron-ore-sinks-to-10-month-low-on-gloom-over-china-construction?srnd=homepage-americas&amp;sref=TBDibEcD">data</a> by Bloomberg, with around 143 tons in reserve.
This was reflected by the sharp losses seen for iron ore in recent months. Singapore futures were down 20% since the start of 2024, while CME futures were down 19.7% since the start of the year.
This was also knocked-on to the iron ore miners and steel refiners, and the exchange-traded funds that hold their stocks.
The VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>), was up 0.4% on Monday but is down 1.3% in 2024. Its top two holdings are Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>). Rio was up 0.7% on Monday, but remained 13.8% lower in 2024, while Vale fell 0.9% on Monday, and was down 24% on the year.
The broader SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) was up 0.9% on Monday and up 1.23 in 2024. Its top two holdings are Freeport McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and Steel Dynamics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>). 
Freeport specializes in copper and gold, which — <a href="https://www.benzinga.com/topic/gold">particularly gold</a> — have performed relatively well this year, was up 1.3% on Monday and is up 11.7% in 2024. Steel Dynamics was up 1.2% on Monday and is up 27 on the year.
Read Now: <a href="https://www.benzinga.com/markets/equities/24/04/38025851/turkish-stock-markets-welcome-change-will-erdo-an-defeat-prompt-economic-reforms">Turkish Stock Markets Welcome Change: Will Erdoğan Defeat Prompt Economic Reforms?</a>
Photo: Shutterstock

STLD

VALE

Miners Cheer As China's Manufacturers Continue To Increase Pace

U.S. lawmakers are poised to introduce a bill on Tuesday that seeks to amplify the nation&#8217;s involvement in deep-sea mining, marking a significant step towards diminishing China&#8217;s dominance <a href="https://www.benzinga.com/etfs/23/07/33233340/rare-earth-elements-explained">over critical mineral supplies.</a>
The initiative, as reported by <a href="https://www.wsj.com/articles/u-s-lawmakers-to-push-for-deep-sea-mining-funding-in-new-bill-cc020f7d">The Wall Street Journal</a>, underscores a strategic shift towards tapping into the ocean&#8217;s mineral wealth and boosting country&#8217;s independence on these key resources as an alternative to reliance on foreign entities. 
Aiming for Strategic Independence: Dubbed the Responsible Use of Seafloor Resources Act of 2024, the proposed legislation, spearheaded by Rep. Carol Miller (R., W.Va.) and Rep. John Joyce (R., Pa.), is designed to provide a robust framework for American engagement in deep-sea mining. This includes a comprehensive package of financial, diplomatic, and infrastructural support aimed at bolstering the collection, processing, and refining of seafloor nodules—rich in essential minerals such as nickel, manganese, and cobalt, vital for electric-vehicle batteries and defense technologies.
Reducing Dependency On China: China&#8217;s current stronghold on the global critical mineral market is significant, with the nation controlling approximately 60% of global critical mineral production and over 85% of the refining capacity. The new bill aims to confront this challenge head-on by encouraging the development of alternative supply sources and reducing U.S. dependency on adversarial nations for critical minerals.
Rep. Miller stressed the importance of the legislation, noting its critical role in lessening America&#8217;s reliance on China for essential minerals. She pointed out that the Responsible Use of Seafloor Resources Act aims to diminish supply chain vulnerabilities, enhance American manufacturing and employment, and counteract China&#8217;s dominance in the production of critical minerals.
Balancing Economic Interests And Environmental Concerns: While the bill presents a forward-looking approach to securing mineral independence, it also acknowledges the environmental concerns associated with deep-sea mining. 
Organizations like Greenpeace have voiced opposition, citing potential irreversible harm to marine ecosystems. In response, the proposed legislation includes directives for the Commerce Department and the White House Office of Science and Technology Policy to conduct comprehensive reports and analyses.
The SPDR Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) traded 1.5% lower Tuesday, reacting to a higher-than-expected inflation data. 
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37627788/inflation-tops-forecasts-in-february-as-stocks-rally-7-economists-react">Inflation Tops Forecasts In February &#8211; &#8216;I Think Powell Will Be Upset&#8217;: 7 Economists React</a>

US Lawmakers Mull Bill To Support Deep-Sea Mining Aimed At Challenging China's Grip On Critical Minerals

On Thursday, Wall Street rebounded into positive territory, following a brief dip experienced on Wednesday. At midday trading New York time, all major stock indices were trading in the green as traders prepared for the final trading<a href="https://www.benzinga.com/markets"> week of the year.</a>
The S&amp;P 500 made a modest 0.3% gain, but its equal-weighted counterpart, the Invesco S&amp;P 500 Equal Weight ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>), outperformed with a 0.5% increase. The Dow also edged up by 0.3%.
Tech stocks within the Nasdaq 100 surged by 0.5%, while small-cap stocks continued to outperform, with the Russell 2000 gaining 1%.
Long-term bond yields saw a slight increase, with the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) declining by 0.6%.
The U.S. dollar, as monitored through the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), fell by 0.4%, revisiting its yearly lows, in response to <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36342747/thursdays-economic-digest-q3-gdp-revised-downward-jobless-claims-hold-steady-phil">weaker-than-expected economic data</a>. The U.S. economy expanded at an annualized rate of 4.9% in the third quarter, down from the previous estimate of a 5.2% increase.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), saw a 0.5% surge, while silver gained 0.8% in reaction to the weakening dollar. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained stable.
<h2 class="wp-block-heading">Thursday&#8217;s Performance In US Major Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Index</th>
<th>Price</th>
<th>Percentage Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Russell 2000</td>
<td>2,000.71</td>
<td>1.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,637.75</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,715.85</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,197.33</td>
<td>0.3%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to $469.90, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.3% higher to $372.01 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched up 0.6% to $405.34, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, discretionary outperformed, with the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) up 0.8%. On the negative side, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) and the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) were both 0.3% lower. 
Among industries, solar and semiconductors were notable gainers, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) and the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 3.9% and 2%, respectively. REITs lagged, with the Vanguard Real Estate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) down 1%. 
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul>
<li>Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) rose 6.4%, as the company reported better-than-expected earnings and revenue in the last quarter.</li>
<li>Shares of other cruise companies also experienced a surge. Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) shares climbed almost 4%, while Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) saw a 5% increase.</li>
<li>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) rose over 7% after posting better-than-expected results last quarter. In response, other chipmakers also gained. Shares of Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) rose over 2.5%, while Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) inched up 1%. </li>
<li>MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) rocketed 9%, topping the Russell 1000&#8217;s gainers. </li>
<li>Paychex Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>) tumbled over 6% after missing earnings estimate. </li>
<li>Warner Bros Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) and Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) fell 4% and 3.4%, respectively, after Ben Barringer, a technology analyst at Quilter Cheviot, stated the merger between these two companies will likely worsen their financial profile. </li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36346989/micron-technology-guidance-reflects-strong-pricing-rebound-10-analysts-deep-dive-in">Micron Technology Guidance Reflects Strong Pricing Rebound: 10 Analysts Deep Dive Into Q1 Earnings</a>
 Photo via Shutterstock.

SPDR Dow Jones Industrial Average ETF Trust

NCLH

NVDA

PARA

PAYX

Rydex ETF Trust Rydex S&P Equal Weight ETF

iShares Trust Barclays 20+ Year Treasury Bond Fund

Select Sector SPDR-Consumer Discretionary

US Stocks Bounce; Chipmakers, Cruise Lines Lead, Dollar Falls: What's Driving Markets Thursday?

Stocks inched higher during midday trading in New York on Wednesday, with the momentum carrying over from the previous day when the tech-heavy Nasdaq 100 <a href="https://www.benzinga.com/news/large-cap/23/12/36305091/nasdaq-100-hits-record-high-set-for-best-annual-performance-since-1999-tech-boom">achieved fresh record highs.</a>
The percentage of S&amp;P 500 stocks trading above the 50-day moving average has surged to 90%, reaching its peak for the year.
Small-cap stocks, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), continue to outperform large-cap counterparts, boosting their month-to-date performance to 12.5%, the strongest since November 2020.
Treasury yields remained relatively stable, with the 10-year yield at 3.9% and the 30-year yield hovering around 4%. The dollar has seen a 0.2% increase.
Among commodities, gold dipped by 0.4%, while silver gained 1%. WTI crude oil remained flat at $74.
The standout performer of the day is Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), which saw a 3.5% increase. James Seyffart, an ETF research analyst at Bloomberg Intelligence, reported BlackRock updated its S-1 filing with the SEC.
Chart of The Day: 90% Of S&amp;P 500 Stocks Above 50-Day Average
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-1024x495.png" alt="" class="wp-image-165825" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/20134829/S5FI_2023-12-20_18-48-13_6d186.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Wednesday Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Major Indices &amp; ETFs</th>
<th>Price</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Russell 2000</td>
<td>2,038.78</td>
<td>0.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,642.65</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>16,839.46</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,775.07</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.1% higher to&nbsp;$475.53, the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was 0.2% higher to $376.20&nbsp;and&nbsp;the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% up to $409.80, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) and the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, both up 0.8%. Staples, as tracked by the Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged behind, down 0.9%. 
Among industries, miners and oil and gas, as tracked by the SPDR Metal and Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) and the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), outperformed, up 1%. The iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) was the underperformer, down 1%. 
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>S&amp;P Sector ETFs</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Energy</td>
<td>+0.9%</td>
</tr>
<tr>
<td>Communications</td>
<td>+0.8%</td>
</tr>
<tr>
<td>Real Estate</td>
<td>+0.4%</td>
</tr>
<tr>
<td>Technology</td>
<td>+0.2%</td>
</tr>
<tr>
<td>Consumer Discretionary</td>
<td>+0.1%</td>
</tr>
<tr>
<td>Industrials</td>
<td>+0.1%</td>
</tr>
<tr>
<td>Health Care</td>
<td>0.0%</td>
</tr>
<tr>
<td>Materials</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Financials</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Utilities</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Consumer Staples</td>
<td>-0.9%</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>The Toro Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTC#NYSE">TTC</a>) rose 9% on better-than-expected quarterly results. </li>
<li>FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) fell over 10% on disappointing quarterly results. </li>
<li>DXC Technology Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXC#NYSE">DXC</a>) traded over 8% lower after the company disclosed a management change. </li>
<li>Exact Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXAS#NASDAQ">EXAS</a>) rose by 4% after surging by 7.5% a day earlier, after Guggenheim initiated coverage on Exact Sciences with a Buy rating and announced a price target of $90. </li>
<li>Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) tumbled 6% after the company announced a deal to buy property and casualty insurance broker NFP for $13.4 billion, to be financed by cash and share issuances, as it looks to expand in segments such as risk, benefits, wealth, and retirement plan advisory.</li>
</ul>
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36329393/long-duration-treasury-bonds-enter-bull-market-what-lies-ahead-in-2024">Long-Duration Treasury Bonds Enter Bull Market: What Lies Ahead In 2024?</a>
Photo via Shutterstock.

Bonds

Treasuries

Small Business

EXAS

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I've shared this chart many times, and it's working great. It is the XME/GDX​​​​​​​ ratio, which has suggested that, over the long haul, being long GDX and short XME would be a great pairs trade. So far, so good, and plenty more to come!

Metal Works

Protect Against Geopolitical Risk And Prepare For Rate Cuts

On Friday evening, I went through my list of key ETFs, and I found eight that seemed strong and eight that seemed vulnerable to weakness. Here are the vulnerable-looking ones, in alphabetical order of their symbols.

Vulnerable ETFs

The bears are just about done. It's quite clear that the selling we saw earlier this month is a freak occurrence, and 95% of the time, the market will simply get more overvalued.

The Gaps' Last Stand

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I have 33% of my account in cash reserves, and I won't deploy it until Thursday morning, once the FOMC insanity is done. In the meanwhile, here are my eight bearish positions in my secondary account:

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ACTV

ACWI

AEMB

AFMC

AFSM

ANGL

AQWA

ARKK

AVEM

AVES

AVMU

AVUV

AYTEF

BAPR

BATT

BCHG

BGLD

BITO

BOIL

BSMO

BSMP

BSMQ

BSMR

BSMS

BSMT

CBON

CEMB

CETH

CLOI

CNRG

COIN

CRAK

DBEM

DFEV

DIEM

DKNG

EBLU

EBND

EFIX

EJUL

EMBD

EMCB

EMCR

EMHC

EMHY

EMLC

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