COPX is trading 6.6% up today as copper miners rally on heightened expectations for Federal Reserve rate cuts following a cooling labor market report.
- The JOLTS report showed job openings dropping to 6.9 million, signaling a slowdown that boosts hopes for lower interest rates to stimulate economic growth and commodity demand.
- Lower rates typically support cyclical sectors like materials; the broader S&P 500 is also up 0.78% amid positive sentiment from the data.