S&P 500 Top Movers on Tuesday
September 24, 2024 06:54 PM EDT
Advancers
- Shares of mining giant Freeport-McMoRan (FCX) soared 7.9% as copper prices popped following Beijing’s monetary policy announcement. The property market is a key focus of China’s stimulus package, and a potential recovery in the sector could support additional strength in the price of copper, a key material for wiring and pipes used in new construction. That helped the mining stock secure the day’s top performance in the S&P 500.
- China’s monetary policy shift also helped lift shares of consumer-facing companies that do business in the country. Shares of cosmetics maker Estee Lauder (EL) gained 6.1% on Tuesday. The company reportedly generates nearly a third of its revenue in the Asia-Pacific region, with the lion’s share of those sales coming from China.
- Shares of casinos with exposure to China through their presence in Macau also moved higher in the wake…
