FCX

Acquisition Strategy: Freeport-McMoRan's CEO Kathleen Quirk stated that while the company is open to acquisitions if conditions are favorable, it is primarily focused on developing its existing assets rather than relying on mergers and acquisitions for growth.

Industry Context: Quirk's cautious approach contrasts with other major mining companies like BHP and Anglo American, which are actively seeking deals due to rising global demand for copper.

Domestic Industry Protection: Quirk emphasized the need for the U.S. government to enhance protections for the domestic copper industry, suggesting that incentives and permitting reforms are necessary for the country to achieve self-sufficiency in copper production.

Tariff Implications: While tariffs have been imposed on certain copper products, Quirk pointed out that key input materials produced by Freeport, such as ores and concentrates, remain unprotected, highlighting a gap in the current trade policy.

Inflation Data Release: On Thursday morning, inflation data, including personal consumption expenditures (PCE), consumer spending, and personal income, will be released, with expectations of a 0.3% increase in PCE.

Transportation Sector Performance: The State Street SPDR Transportation ETF (XTN) has risen 4.6% over four days, nearing its 52-week high, driven by significant gains in trucking stocks like Saia and Old Dominion Freight Line.

SoFi Technologies Stock Reaction: SoFi Technologies announced a new public offering of common stock, leading to a 6% decline in its stock after hours, despite being up over 90% year-to-date.

Victoria's Secret Quarterly Numbers: Victoria's Secret is set to release its quarterly earnings, with shares having increased 62% since the last report, although they remain about 15% below their 52-week high.