Diamonds and Dogs
Commodities and Elevators are in demand. Freeport McMoran (FCX) is up 6% to a six year high as the price of copper rises to a nine-year high. Copper and Freeport are a traditional leading economic indicator. President Joe Biden's infrastructure spending plan of $2.3 trillion will use a lot of copper. Otis Worldwide (OTIS) is up 6% following earnings. The maker of Otis elevators is seeing strong demand.
Profit-taking in P&G (PG). PG is down 2% as investors continue to rotate out of the stocks that performed well during the pandemic. PG may see sales and profits slow in the coming year as consumers reduce their demand for personal cleaning products and return to more normal consumer spending habits.
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