NEW YORK, NY / ACCESSWIRE / September 22, 2017 / U.S. markets retreated from record highs a day after the Federal Reserve announced that it would begin unwinding its $4.5 trillion balance sheet in October and left a possibility of an another rate hike on the table in 2017. The Dow Jones Industrial Average declined 0.24 percent to close at 22,359.23, breaking a streak of 9 consecutive daily gains, while the S&P 500 Index fell 0.30 percent to close at 2,500.60. The NASDAQ Composite Index dropped 0.52 percent to close at 6,422.69. The technology sector slumped as Apple Inc. dropped 1.7 percent due to issues with its latest smartwatch.

"The market is sorting through to what extent it needs to incorporate future Fed activity into its thinking," said Mike Allison, a portfolio manager with Eaton Vance. "There's some uncertainty as to the impact since interest rates have been so low for so long."

RDI Initiates Coverage on:

Cleveland-Cliffs Inc.
https://rdinvesting.com/news/?ticker=CLF

Freeport-McMoRan Inc.
https://rdinvesting.com/news/?ticker=FCX

Cleveland-Cliffs Inc.'s stock moved 3.60% lower on Thursday, to close the day at $6.96. The stock recorded a trading volume of 11,699,987 shares, which was above its three months average volume of 11,159,900 shares. In the last year Cleveland-Cliffs Inc.'s shares have traded in a range of 4.91 - 12.37. The share price has gained 41.75% from its 52 week low. The company's shares are currently trading below their 200-day moving average. Moreover, the stock's 50-day moving average of $7.65 is greater than its 200-day moving average of $7.30. Shares of the company are trading at a Price to Earnings ratio of 31.93. Shares of Cleveland-Cliffs have fallen approximately 17.24 percent year-to-date.

Access RDI's Cleveland-Cliffs Inc. Research Report at:
https://rdinvesting.com/news/?ticker=CLF

On Thursday, shares in Freeport-McMoRan Inc. recorded a trading volume of 16,535,156 shares, which was below the three months average volume of 19,256,800 shares. The stock ended the day 1.41% lower at 13.98. The share price has gained 51.30% from its 52-week low with a 52-week trading range of 9.24 - 17.06.The company's shares are currently trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $14.57 is greater than its 200-day moving average of $12.98. Shares of the company are trading at a Price to Earnings ratio of 19.72. Shares of Freeport-McMoRan have gained approximately 5.99 percent year-to-date.

Access RDI's Freeport-McMoRan Inc. Research Report at:
https://rdinvesting.com/news/?ticker=FCX

Our Actionable Research on Cleveland-Cliffs Inc. (NYSE:CLF) and Freeport-McMoRan Inc. (NYSE:FCX) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com