Key Highlights

  • Freeport-McMoRan finished as the sixth-best performer in the S&P 500 on Friday, just behind Tesla, with no primary company announcement dated for the session.
  • The September jobs report added just 29,000 jobs against roughly 84,000 expected, cutting odds of another Federal Reserve hike and lifting materials as the fourth-best S&P 500 sector.
  • Gold and silver gave mixed signals, with spot gold rising $15.80 to $4,192.30 an ounce while December futures fell $40.00, and WTI crude settled at $91.11, down $1.76, after a G7 reserve-release agreement.
  • Treasury yields reversed to close higher after the jobs report, with the 10-year near its highest level since 2002, a headwind for construction and Manufacturing Demand that drives copper use.

Freeport-McMoRan (NYSE:FCX), one of the world's largest copper producers, had a strong end to the week. Shares jumped and finished as the sixth-best performer in the S&P 500 on Friday, just behind Tesla. The Phoenix-based miner runs the giant Grasberg operation in Indonesia along with mines in the Americas. Its fortunes move closely with the price of copper, the metal that wires power grids, electric vehicles and the data centres being built for artificial intelligence. No primary company announcement dated Friday was found. The move fits a broader pattern of investors taking on more risk.

A Risk-On Day for Cyclicals

The trigger for the day's buying was the September jobs report. The economy added just 29,000 jobs, well below the roughly 84,000 expected, while revisions knocked a combined 60,000 off July and August.

Weak hiring might sound like bad news for a Commodity producer, since slower growth can mean less demand for metals. But on Friday markets focused on the Federal Reserve. The Fed raised rates on September 16 for the first time since 2023, and traders had been bracing for another hike in October. After the report, the odds of that move collapsed.

Materials ranked as the fourth-best sector in the S&P 500, behind consumer discretionary, information technology and industrials. Ten of 11 sectors finished higher, with health care the only decliner. The S&P 500 rose 56.27 points to 7,722.72.

What Market Commentary Pointed To

Commentary tied Freeport's gain to third-quarter copper and gold production meeting targets, a restart at its East Java smelter, recovery at Grasberg, strong copper prices and a softer dollar. Those points come from market commentary and were not matched to a company release on Friday.

The dollar picture itself was muddy. The US Dollar Index hovered near 101.98, roughly flat on the day and close to its highest level of 2026, and sources disagreed on whether it ended slightly lower. A weaker dollar usually helps metals priced in dollars by making them cheaper for overseas buyers.

Mixed Signals From Metals

Precious metals gave split signals. Spot gold rose $15.80 to $4,192.30 an ounce, while December gold futures fell $40.00 to $4,162.30. Silver was similarly mixed, and platinum slid $28.55 to $1,698.80. Gold and silver both finished lower for the week as Treasury yields climbed.

Those yields are a key cross-current. They fell right after the jobs report but reversed to close higher, leaving the 10-year near its highest level since 2002. High borrowing costs can weigh on construction and manufacturing, two big users of copper.

Energy markets also shifted. G7 nations agreed, coordinated through the International Energy Agency, to release 100 million barrels of crude and diesel over four months. WTI crude settled at $91.11, down $1.76. Fuel costs matter for miners, which run heavy trucks and processing plants.

Third-Quarter Results Will Be the Next Checkpoint

Freeport's next big moment will come with its third-quarter results, when investors can check production against the points raised in market commentary. No date for that report was confirmed.

On the macro side, the Fed meets on October 27-28, and September Inflation data will shape the decision. Geopolitics remains a wild card: the US is sending about 9,000 troops to the Middle East. Any escalation could jolt commodity prices and the dollar. Earnings season begins with PepsiCo on October 8 and the big banks on October 13 and 14.