Newmont (NEM) stock drops 5.6% as CME margin hike jolts gold and silver
Newmont shares fell 5.6% to $99.81 Monday, the steepest drop in the S&P 500, after CME Group raised margin requirements on gold and silver futures. Gold slid about 5% and silver 8%, pressuring mining stocks. Raymond James raised its Newmont price target to $111, citing updated gold forecasts. CEO Tom Palmer will step down Dec. 31, with Natascha Viljoen taking over Jan. 1.