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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“A Copper Mine in Arizona, “Resolution,” was just delayed by a Radical Left Court for two months — 3,800 Jobs are affected, and our Country, quite simply, needs Copper — AND NOW! They are looking to do an Expedited Appeal before the Ninth Circuit, but it is so sad that Radical Left Activists can do this, and affect the lives of so many people. Those that fought it are Anti-American, and representing other Copper competitive Countries. We can’t continue to allow this to happen to the U.S.A.! The Appeal will take place, shortly, in the Ninth Circuit.”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Donald Trump’s post about the delay of the Resolution Copper Mine project could lead to increased volatility in the stock prices of companies like BHP Group, Freeport-McMoRan, Inc., and Rio Tinto, as investors react to potential supply disruptions. The uncertainty surrounding the legal proceedings might also impact ETFs like the SPDR S&P Metals & Mining ETF and the VanEck Steel ETF, which have exposure to these mining companies. Additionally, the VanEck Gold Miners ETF might experience indirect effects due to shifts in investor sentiment towards metals and mining stocks.
Here are some of the stocks that might be affected:
Bhp Group ((BHP)),
Freeport-McMoRan, Inc. ((FCX)),
Rio Tinto ((RIO)),
VanEck Gold Miners ETF ((GDX)),
SPDR S&P Metals & Mining ETF ((XME)),
VanEck Steel ETF ((SLX)).