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Freeport-McMoRan (FCX) stock fell 6.6% on Thursday to close at $71.21, while the S&P 500 slipped 0.6%. Copper sold off on surging yields and on reports that the White House has yet to decide on copper tariffs, raising concern the plan could be dropped over worries about higher manufacturing costs. That doubt lands on the part of Freeport that management says a tariff would help: its US business.

A single policy update with no operational content just sent the entire copper mining sector into freefall, erasing billions in gains that took months to build. Here is why tariff uncertainty can reprice a whole industry inside minutes.