Newmont Stock Just Took a Double Hit — Gold Slumped and Wall Street Sold Off
Newmont Corp. shares fell nearly 8% on Friday, closing at $99.71, as a sharp drop in gold prices and a broad Wall Street selloff hit the world’s largest gold miner. Trading volume rose to about 9.4 million shares, above its 50-day average, and the stock ended roughly 26% below its late-January 52-week high. The move matters because Newmont’s cash flow is highly tied to bullion. Gold fell about 3% to $4,341.52 an ounce after a stronger-than-expected U.S. jobs report pushed Treasury yields higher; gold pays no income, so higher yields raise the cost of holding it rather than interest-bearing assets.