Dry bulk freight fell 3.88 percent to $13.12, the largest single move in the tables, extending a 6.95 percent weekly decline. No clear single driver appears in this morning’s reporting; the fall sits in a freight complex where tanker rates also eased 1.09 percent even as the Red Sea escalation lifted crude.
Meta rose 2.63 percent to $762.50, the strongest megacap move, against a flat tape for the tech sector overall (down 0.04 percent) and a 0.31 percent fall in the Nasdaq 100. This morning’s technology reporting led on chip and AI infrastructure news, including the ASML result and Microsoft’s Maia 300 inference chip, and carried no Meta specific catalyst; no clear single driver in this morning’s reporting.
Silver miners fell 2.27 percent and gold miners fell 1.46 percent, amplifying a soft precious metals tape in which silver eased 0.64 percent to $58.78 an ounce and gold eased 0.19 percent to $4,169.30. The mining reporting shows the same pattern at the single name level, with the senior producers down on a day when the underlying metals were only modestly lower.
BHP fell 2.04 percent to $84.95 and Rio Tinto fell 1.31 percent to $93.06. Rio’s quarterly production update, covered in this morning’s mining reporting, held its full year iron ore guidance, so the fall reads as part of the broad miner selloff rather than a company specific miss; no BHP specific driver appears in this morning’s reporting.
Rare earth miners fell 1.25 percent (down 9.94 percent on the week) and copper miners fell 1.11 percent, a divergence worth noting because copper itself rose 0.88 percent to $6.74 a pound on the Escondida supervisors strike (see today’s Escondida strike story). Miner equities are not following the metal they produce.
The cross market read is split rather than risk off. Energy was bid on the Red Sea escalation, with Brent up 0.65 percent to $106.38, WTI up 0.45 percent to $94.56 and natural gas up 1.1 percent to $3.32 (see today’s oil and Aramco stories), while long dated US yields eased, the 10 year down 2.3 basis points to 5.22 percent and the 30 year down 3.5 basis points to 5.56 percent, and the dollar index was flat at 102.13 ahead of the US CPI print.