Freeport mining, Rivian probe, US new home sales surge in August

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Now time for some of today's trending tickers. We are watching Freeport Macran, Rivian and Homebuilders. 00:13 Speaker A

First up, Freeport.

Those shares are falling as the company declares force majore at its giant Grasberg mine in Indonesia. 00:23 Speaker A

This comes after a September 8th accident at its facility that killed two workers. Production in the Grasberg Minerals district had been halted following the event as teams are working around the clock to clear mud and debris.

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A prolonged disruption at the copper mine, which is the second largest for the metal in the world, is likely to boost copper prices. 00:46 Speaker A

Next up Rivian, US Auto safety regulators opened an investigation into the company over issues with the seat belts in its electric delivery vans. 00:55 Speaker A

The National Highway Traffic Safety Administration said it is aware of six reports of potential failures with the seat belt anchorage system for the driver's seat in Rivian's Vans.

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Rivian said in an emailed statement to Bloomberg that its vehicles meet or exceed all applicable safety requirements and it will cooperate with the investigation. 01:18 Speaker A

The automaker produces delivery vans in large numbers for e-commerce giant Amazon. 01:23 Speaker A

And finally, home builders, they're getting a boost today after US new home sales unexpectedly jumped by over 20% in August.

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That marks the fastest pace of growth since early 2022. Sales of new single family homes increased by 800,000 at an annualized rate with the estimate looking for 650,000. 01:42 Speaker A

The data suggests that US home builders are successfully luring buyers off the sidelines with aggressive sales incentives.

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As always, you can scan the QR code below to track the best and worst performing stocks with Yahoo Finance's trending tickers page.