Basic materials stocks limp into February after metals crash — what to watch next week
U.S. basic materials stocks led declines Friday, with the S&P 500 materials index down 1.9% as gold, silver, and copper prices fell sharply from record highs. Newmont dropped 11.5%, Freeport-McMoRan lost 7.5%, while Air Products rose 6.4%. Spot gold sank 4.7% to $5,143.40 an ounce; silver tumbled 11%. Investors weighed weak China demand and the nomination of Kevin Warsh to head the Fed.