US Stock Market Move | Nonferrous metals concept stocks broadly rise; Freeport-McMoRan (FCX.US) gains over 4%.

On Wednesday, nonferrous metals concept stocks broadly rose. Freeport-McMoRan (FCX.US) gained over 4%, Southern Copper Corporation (SCCO.US) and BHP Group Ltd Sponsored American Depositary Receipt Repr 2 Shs (BHP.US) rose over 3%, while Rio Tinto plc Sponsored ADR (RIO.US), Vale S.A. Sponsored ADR (VALE.US), and Alcoa Corporation (AA.US) gained over 2%. Century Aluminum Company (CENX.US) rose nearly 2%. On the news front, on September 30, the United States released the August Personal Consumption Expenditures Price Index (PCE). The data showed that the overall PCE index for August, after seasonal adjustment, rose 0.3% month-over-month and 3.4% year-over-year; economists surveyed by Dow Jones had previously expected a 0.3% month-over-month increase and a 3.7% year-over-year increase. Core PCE, which excludes volatile food and energy items, rose 0.2% month-over-month and 3.0% year-over-year; market expectations were for a 0.3% month-over-month increase and a 3.3% year-over-year increase. Following the data release, traders reduced their bets on a Federal Reserve rate hike in October. According to the Chicago Mercantile Exchange (CME) "FedWatch," the probability of the Fed keeping rates unchanged in October is 52.9%, while the probability of a cumulative 25 basis point hike is 47.1%. For December, the probability of the Fed keeping rates unchanged is 10.0%, the probability of a cumulative 25 basis point hike is 51.8%, and the probability of a cumulative 50 basis point hike is 38.2%.