Immediate sell-off driven by hotter jobs data and rising rate expectations; gold and miners repriced lower.
The August jobs beat raised Fed-hike odds and sent yields higher, driving a repricing that hit gold and miners hard; GDX fell ~1.9% and spot gold dropped ~1.4%, indicating immediate downside pressure. While some strategists say strong earnings and AI optimism could limit broader market damage, the source evidence points to a clear near-term negative impact for gold miners from higher-rate expectations.
Crypto-linked stocks were among the worst performers after the jobs print, pulling CRCL lower.
Listed among the biggest decliners as market repriced rate expectations and crypto-linked names fell.
Franco‑Nevada was in the list of top decliners as higher yields pressured gold-related equities.
Gold Fields joined other miners as notable losers after the stronger jobs report and yield spike.
Equinox declined with the broader miner group amid a rate-driven repricing.
Follow VanEck Gold Miners ETF (GDX) free. When we publish a story about it, you get the plain-English explanation as an alert.
Get alerts for GDX