Intel Stock Extends Rally Amid Sector Optimism, Freeport-McMoRan Plunges on Copper Outlook
U.S. equities retreated for a second straight session as tech stocks stumbled, though Intel defied the trend with a 6.4% surge. The chipmaker's rally accelerated after Bloomberg reported discussions about a potential Apple stake purchase, building on momentum from Micron's upgraded PC/server forecasts. Intel has gained over 25% in a month fueled by strategic investments from Nvidia, SoftBank, and U.S. government initiatives.
Freeport-McMoRan cratered 17% - the worst performer in the S&P 500 - after slashing copper and Gold sales projections. Operational disruptions at its Indonesian Grasberg mine triggered force majeure declarations following a mudflow incident. The mining sector's weakness contrasted with semiconductor strength as copper demand forecasts dimmed.
