COPX is trading 6.6% down today as investors dump economically sensitive copper miners amid growing fears about slowing global growth and a more hawkish Federal Reserve reaction to persistent inflation.
- Surging energy costs and high inflation are weighing on cyclical, commodities-linked sectors such as materials and natural resources.
- The ETF is under pressure from a broad risk-off move in equities, with major U.S. indexes lower and higher bond yields weighing on the sector.