Closing Bell: Intel Rises, Tesla Slumps, Freeport-McMoRan Falls

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Matt Miller, Carol Massar and Tim Stenovec.

- Intel (INTC) shares continue to rally. Investors are piling into bullish bets on Intel Corp., betting
that a weeks-long rally following a string of investments from the US government, Nvidia Corp. and others will continue as the chipmaker seeks further tie-ups. Implied volatility in three-month Intel options jumped this week to the highest level since the tariff-driven selloff in US stocks in early April. But rather than protecting against a decline, investors are buying call options that will profit from further gains.

- Tesla (TSLA) shares slumped. Tesla urged US environmental regulators to maintain ambitious tailpipe emissions standards that were put in place to push the industry to sell electric vehicles in larger numbers. Regulations finalized under President Joe Biden that assumed more than 50 percent of the US auto market would be composed of fully electric models by 2032 “are a lawful exercise of authority Congress provided to EPA to regulate greenhouse gases from new motor vehicles,” Tesla said in a regulatory filing posted online by the US Environmental Protection
Agency on Wednesday.

- Freeport-McMoRan (FCX) shares slipped on word that a halt in production at the giant Grasberg copper mine in Indonesia looks set to strain the fractious relationship between miner Freeport-McMoRan Inc. and its host nation, at a time when the Jakarta government was already looking to take greater control.Freeport declared force majeure on contracted supplies on Wednesday, two weeks after about 800,000 tons of mud flooded underground tunnels. Two workers were killed, while five more remain missing. The US-listed company slashed its production guidance, dragging its shares down 17% and pushing copper futures to the highest level in more than a year.

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