Yahoo Finance

Our recent call for a rally in the U.S. Dollar Index, a reversal in metals, and more struggles in emerging markets took a Mike Tyson left hook to the chin on Tuesday. A "sweeping" stimulus package from China sent Chinese stocks soaring and Materials stocks to the moon. The iShares China Large-Cap ETF (FXI) spiked 10%, its largest one-day move since March 2022, while the iShares MSCI Emerging Markets (EEM) popped 3.4%. The Materials (XLB) sector was the largest gainer on Tuesday, with a 1.4% gain - but that doesn't tell the entire story. The real action took place within the sector, with nonferrous metals and aluminum bolting higher by 7.6%-7.9%. Copper futures spiked 4%, leading to big gains in Southern Copper (SCCO) and Freeport-McMoRan (FCX). Aluminum was led by Norsk Hydro (NHYDY) and Alcoa (AA). Mining stocks also did well, led by BHP Group, Rio Tinto, and MP Materials. Silver futures surged 4.6% and are back at the top of the range that began months ago. The timing of the stimulus package is interesting. Was it in reaction to the Fed's larger-than-expected rate cut and/or an attempt to front-run a possible increase in U.S. tariffs (which would hurt China's competitiveness in certain markets)? We will let others argue about that, as mixing politics with the equity market is like trying to mix oil and water. It generally doesn't work out very well. The bull rages on and now more fuel has been added to the fire. Some are talking about a melt-up. That action is fun while it lasts, but always ends in big losses on the other side. (Mark Arbeter, CMT)

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Rio Tinto is a global diversified miner. Iron ore is the dominant commodity, with significantly lesser contributions from copper, aluminum, diamonds, gold, and industrial minerals. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.

Established in 1920 to produce chemicals for Eastman Kodak, Eastman Chemical has grown into a global specialty chemical company with manufacturing sites around the world. The company generates the majority of its sales outside of the United States, with a strong presence in Asian markets. During the past several years, Eastman has sold noncore businesses, choosing to focus on higher-margin specialty product offerings.