Global markets were roiling Friday after the United Kingdom voted in a Thursday referendum that the country should exit the European Union, sending the S&P 500 and Dow Jones Industrials down 3.1% and 2.9%, respectively, in midday trading. Meanwhile, the Nasdaq was trading about 3.7% lower.
Markets were also being pressured by another decline in crude oil prices, as oil slipped about 1.1% to $48.85 a barrel, based on U.S. benchmark West Texas Intermediate.
Freeport-McMoRan (FCX) shares were falling 10% after the Phoenix-based miner announced it would issue new shares, representing nearly 2% of its outstanding stock, in hopes of mitigating debt concerns on its unsecured bonds.
The volatility prompted by the Brexit vote has investors fleeing to for more stable investments, sending gold prices up about 4.5% midday Friday to $1,320 a troy ounce.
This helped lift shares of Newport Mining (NEM) about 5%, adding to a spectacular year in which shareholders have been delighted to see the Colorado-based miner's market cap more than double.
And concerns surrounding Brexit are adding to pressures on online brokerage Charles Schwab (SCHW), whose shares fell 11.5% in midday trading.
Finally, asset management giant Invesco's (IVZ) exposure to eurozone investments caused its shares to plummet about 12%.
-- Written by James Passeri
