Southern Copper Corp sees modest gains amid market dynamics
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 20 2024
0mins
Source: NASDAQ.COM
Southern Copper Corp's stock increased by approximately 1.2%, crossing above the 5-day SMA, indicating some market support despite lagging behind other components.
The modest rise in Southern Copper's stock may reflect investor optimism regarding its long-term value, even as it lags behind other stocks in the sector. This performance comes amid broader market strength, with the Nasdaq-100 up 0.84% and the S&P 500 up 0.16%, suggesting a favorable environment for mining stocks.
Investors may be looking at Southern Copper's fundamentals and potential growth opportunities, which could lead to increased interest in the stock moving forward.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy SCCO?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on SCCO
Wall Street analysts forecast SCCO stock price to fall
10 Analyst Rating
0 Buy
5 Hold
5 Sell
Moderate Sell
Current: 168.800
Low
90.00
Averages
127.95
High
152.00
Current: 168.800
Low
90.00
Averages
127.95
High
152.00
About SCCO
Southern Copper Corporation is an integrated copper producer. It is engaged in the production of copper, molybdenum, zinc and silver. All of its mining, smelting and refining facilities are located in Peru and Mexico, and it conducts exploration activities in those countries and in Argentina and Chile. Its segments include the Peruvian operations, Mexican open-pit operations and Mexican underground mining operations. Its Peruvian operations include the Toquepala and Cuajone mine complexes and the smelting and refining plants, including a precious metals plant, industrial railroad and port facilities that service both mines. Its Mexican open-pit operations include the La Caridad and Buenavista mine complexes and the smelting and refining plants, including a precious metals plant and a copper rod plant and support facilities that service both mines. Mexican underground mining operations include five underground mines that produce zinc, copper, lead, silver and gold; and a zinc refinery.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
U.S. Stocks Close Mixed as Chipmakers Weigh on Market
- Mixed Market Performance: The S&P 500 index fell by 0.10% and the Nasdaq 100 index dropped by 0.43%, while the Dow Jones Industrial Average rose by 0.35%, indicating a divergence in market sentiment, particularly under pressure from chipmakers.
- Chip Sector Pressure: Ahead of Micron Technology's earnings report, chipmakers saw declines, reflecting market concerns over AI infrastructure demand, despite Micron's stock rising over 260% this year, highlighting the volatility in tech stocks.
- Oil Price Impact: WTI crude oil prices sank to a 3.5-month low, leading to a drop in bond yields, with the 10-year Treasury yield falling to 4.40%, benefiting sectors like homebuilders and airlines by enhancing profit outlooks amid lower fuel costs.
- Decline in New Home Sales: U.S. May new home sales unexpectedly fell by 7.3% to 580,000 units, below the expected 640,000, indicating weakness in the housing market that could affect future economic growth expectations.
See More
US Stocks Rebound as Tech Shares Benefit from AI Demand
- Market Rebound: The S&P 500 Index rose by 0.72%, the Dow Jones Industrial Average increased by 0.82%, and the Nasdaq 100 Index climbed by 0.50%, indicating a recovery from Tuesday's sharp selloff as investors look to Micron Technology's earnings report to assess AI market performance.
- Micron Technology Gains: Micron's stock has surged over 260% this year, positioning the company as a major beneficiary of the soaring demand for AI infrastructure, which has attracted significant investor interest and reflects its strong market position.
- Housing Bill Impact: The passage of the 21st Century Road to Housing Act by Congress has led to gains for homebuilders and building suppliers, with KB Home and Builders Firstsource rising over 16% and 11% respectively, highlighting the positive impact of policy support on the industry.
- Crude Oil Price Drop: WTI crude oil prices fell more than 4% to a 3.5-month low, lowering inflation expectations and boosting stock markets, particularly benefiting airline and cruise line stocks due to reduced fuel costs, demonstrating the influence of energy market fluctuations on the broader economy.
See More
U.S. Stocks Edge Up as Tech Earnings Awaited
- Market Recovery: The S&P 500 Index rose by 0.12%, the Dow Jones Industrial Average increased by 0.21%, and the Nasdaq 100 Index gained 0.06%, indicating a gradual recovery from Tuesday's sharp selloff, with investors keenly awaiting Micron Technology's earnings report to assess AI market performance.
- Micron Technology's Gains: Micron's stock has surged over 260% this year, making it a key beneficiary of the soaring demand for AI infrastructure, with expectations of substantial profits from billions in investments, further boosting its stock price and market confidence.
- Housing Sector Boost: Following the passage of the 21st Century Road to Housing Act, homebuilders and building suppliers saw significant stock increases, with KB Home up over 16% and Builders Firstsource up over 9%, reflecting the potential for industry recovery driven by policy support.
- Crude Oil Price Decline: WTI crude prices fell more than 3% to a 3.5-month low, which lowered inflation expectations and pushed the 10-year Treasury yield down by 7 basis points to 4.42%, providing positive support for the stock market, particularly improving the profitability outlook for airlines and cruise operators.
See More
US Stocks Plunge Sharply, Tech Sector Hit Hard
- Market Sell-off: The S&P 500 fell 1.44%, the Dow Jones Industrial Average dipped 0.09%, and the Nasdaq 100 plummeted 3.29%, reflecting investor concerns over high valuations in tech stocks, leading to diminished market confidence.
- Asian Market Impact: Japan's Nikkei index dropped over 3%, while South Korea's Kospi index plummeted more than 10%, with foreign investors offloading over $2.5 billion in Kospi shares, indicating a global bearish sentiment towards tech stocks.
- Mixed Manufacturing Data: The US June manufacturing PMI unexpectedly rose to 55.7, surpassing expectations, indicating economic resilience; however, the Richmond Fed's manufacturing survey current conditions fell to 4, below the expected 8, suggesting uncertainty in economic recovery.
- Bond Market Reaction: Amid the stock sell-off, the 10-year T-note yield fell to 4.493%, while the 10-year breakeven inflation rate dropped to a 6-month low of 2.210%, reflecting increased demand for safe-haven assets.
See More
U.S. Stocks Plunge Sharply, Tech Sector Hit Hard
- Market Performance: The S&P 500 Index fell by 1.04%, reaching a 1.5-week low, while the Nasdaq 100 dropped by 2.67%, reflecting investor concerns over high valuations in tech stocks, which could impact future investment decisions.
- Asian Market Impact: Japan's Nikkei Index declined by over 3%, and South Korea's Kospi fell by more than 10%, with foreign investors offloading over $2.5 billion in Kospi shares, exacerbating negative sentiment and contributing to a global market downturn.
- Divergent Manufacturing Data: The U.S. June manufacturing PMI unexpectedly rose to 55.7, surpassing expectations, indicating economic resilience; however, the Richmond Fed manufacturing survey fell to 4, suggesting challenges in the economic recovery that may influence Fed policy.
- Bond Market Reaction: In response to the sharp equity selloff, the 10-year T-note yield dropped to 4.485%, indicating increased demand for safe-haven assets, although upcoming Treasury auctions may exert upward pressure on yields.
See More
US Stocks Plummet Sharply, Tech Sector Under Pressure
- Market Downtrend: The S&P 500 index fell by 1.26%, the Dow Jones Industrial Average by 0.30%, and the Nasdaq 100 by 2.69%, reflecting investor concerns over high valuations in tech stocks, leading to a global sell-off, particularly in chip and memory sectors.
- Asian Market Impact: Japan's Nikkei index dropped over 3%, while South Korea's Kospi index fell more than 10%, with foreign investors offloading over $2.5 billion in Kospi shares, triggering forced liquidations among retail investors and exacerbating market turmoil.
- Economic Data Support: Despite the stock market decline, the June S&P manufacturing PMI unexpectedly rose by 0.6 to 55.7, surpassing expectations, indicating economic resilience that could provide future market support.
- Bond Market Reaction: In response to the sharp equity sell-off, the 10-year Treasury note yield decreased by 2.2 basis points to 4.487%, indicating increased demand for safe assets, while easing inflation expectations saw the 10-year breakeven inflation rate drop to a six-month low of 2.217%.
See More
U.S. Stocks Close Mixed as Chipmakers Weigh on Market
- Mixed Market Performance: The S&P 500 index fell by 0.10% and the Nasdaq 100 index dropped by 0.43%, while the Dow Jones Industrial Average rose by 0.35%, indicating a divergence in market sentiment, particularly under pressure from chipmakers.
- Chip Sector Pressure: Ahead of Micron Technology's earnings report, chipmakers saw declines, reflecting market concerns over AI infrastructure demand, despite Micron's stock rising over 260% this year, highlighting the volatility in tech stocks.
- Oil Price Impact: WTI crude oil prices sank to a 3.5-month low, leading to a drop in bond yields, with the 10-year Treasury yield falling to 4.40%, benefiting sectors like homebuilders and airlines by enhancing profit outlooks amid lower fuel costs.
- Decline in New Home Sales: U.S. May new home sales unexpectedly fell by 7.3% to 580,000 units, below the expected 640,000, indicating weakness in the housing market that could affect future economic growth expectations.
See More
US Stocks Rebound as Tech Shares Benefit from AI Demand
- Market Rebound: The S&P 500 Index rose by 0.72%, the Dow Jones Industrial Average increased by 0.82%, and the Nasdaq 100 Index climbed by 0.50%, indicating a recovery from Tuesday's sharp selloff as investors look to Micron Technology's earnings report to assess AI market performance.
- Micron Technology Gains: Micron's stock has surged over 260% this year, positioning the company as a major beneficiary of the soaring demand for AI infrastructure, which has attracted significant investor interest and reflects its strong market position.
- Housing Bill Impact: The passage of the 21st Century Road to Housing Act by Congress has led to gains for homebuilders and building suppliers, with KB Home and Builders Firstsource rising over 16% and 11% respectively, highlighting the positive impact of policy support on the industry.
- Crude Oil Price Drop: WTI crude oil prices fell more than 4% to a 3.5-month low, lowering inflation expectations and boosting stock markets, particularly benefiting airline and cruise line stocks due to reduced fuel costs, demonstrating the influence of energy market fluctuations on the broader economy.
See More
U.S. Stocks Edge Up as Tech Earnings Awaited
- Market Recovery: The S&P 500 Index rose by 0.12%, the Dow Jones Industrial Average increased by 0.21%, and the Nasdaq 100 Index gained 0.06%, indicating a gradual recovery from Tuesday's sharp selloff, with investors keenly awaiting Micron Technology's earnings report to assess AI market performance.
- Micron Technology's Gains: Micron's stock has surged over 260% this year, making it a key beneficiary of the soaring demand for AI infrastructure, with expectations of substantial profits from billions in investments, further boosting its stock price and market confidence.
- Housing Sector Boost: Following the passage of the 21st Century Road to Housing Act, homebuilders and building suppliers saw significant stock increases, with KB Home up over 16% and Builders Firstsource up over 9%, reflecting the potential for industry recovery driven by policy support.
- Crude Oil Price Decline: WTI crude prices fell more than 3% to a 3.5-month low, which lowered inflation expectations and pushed the 10-year Treasury yield down by 7 basis points to 4.42%, providing positive support for the stock market, particularly improving the profitability outlook for airlines and cruise operators.
See More
US Stocks Plunge Sharply, Tech Sector Hit Hard
- Market Sell-off: The S&P 500 fell 1.44%, the Dow Jones Industrial Average dipped 0.09%, and the Nasdaq 100 plummeted 3.29%, reflecting investor concerns over high valuations in tech stocks, leading to diminished market confidence.
- Asian Market Impact: Japan's Nikkei index dropped over 3%, while South Korea's Kospi index plummeted more than 10%, with foreign investors offloading over $2.5 billion in Kospi shares, indicating a global bearish sentiment towards tech stocks.
- Mixed Manufacturing Data: The US June manufacturing PMI unexpectedly rose to 55.7, surpassing expectations, indicating economic resilience; however, the Richmond Fed's manufacturing survey current conditions fell to 4, below the expected 8, suggesting uncertainty in economic recovery.
- Bond Market Reaction: Amid the stock sell-off, the 10-year T-note yield fell to 4.493%, while the 10-year breakeven inflation rate dropped to a 6-month low of 2.210%, reflecting increased demand for safe-haven assets.
See More
U.S. Stocks Plunge Sharply, Tech Sector Hit Hard
- Market Performance: The S&P 500 Index fell by 1.04%, reaching a 1.5-week low, while the Nasdaq 100 dropped by 2.67%, reflecting investor concerns over high valuations in tech stocks, which could impact future investment decisions.
- Asian Market Impact: Japan's Nikkei Index declined by over 3%, and South Korea's Kospi fell by more than 10%, with foreign investors offloading over $2.5 billion in Kospi shares, exacerbating negative sentiment and contributing to a global market downturn.
- Divergent Manufacturing Data: The U.S. June manufacturing PMI unexpectedly rose to 55.7, surpassing expectations, indicating economic resilience; however, the Richmond Fed manufacturing survey fell to 4, suggesting challenges in the economic recovery that may influence Fed policy.
- Bond Market Reaction: In response to the sharp equity selloff, the 10-year T-note yield dropped to 4.485%, indicating increased demand for safe-haven assets, although upcoming Treasury auctions may exert upward pressure on yields.
See More
US Stocks Plummet Sharply, Tech Sector Under Pressure
- Market Downtrend: The S&P 500 index fell by 1.26%, the Dow Jones Industrial Average by 0.30%, and the Nasdaq 100 by 2.69%, reflecting investor concerns over high valuations in tech stocks, leading to a global sell-off, particularly in chip and memory sectors.
- Asian Market Impact: Japan's Nikkei index dropped over 3%, while South Korea's Kospi index fell more than 10%, with foreign investors offloading over $2.5 billion in Kospi shares, triggering forced liquidations among retail investors and exacerbating market turmoil.
- Economic Data Support: Despite the stock market decline, the June S&P manufacturing PMI unexpectedly rose by 0.6 to 55.7, surpassing expectations, indicating economic resilience that could provide future market support.
- Bond Market Reaction: In response to the sharp equity sell-off, the 10-year Treasury note yield decreased by 2.2 basis points to 4.487%, indicating increased demand for safe assets, while easing inflation expectations saw the 10-year breakeven inflation rate drop to a six-month low of 2.217%.
See More
