Producers of metals and other raw materials declined as the dollar recouped some of its recent losses.
The dollar slid against rival currencies last week, giving commodity prices a boost because of its preeminence in pricing commodities worldwide. A readjustment of Federal Reserve policy expectations had weighed on the dollar, but some strategists are now warning that the Fed could proceed with its fight against inflation despite a perceived shift in rhetoric.
"With the October employment stats, coupled with recent statements by Chairman (Jerome) Powell, it seems as if investors currently believe hikes are now behind us," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "However, one report doesn't make a trend, so time will tell if another hike is in store, or not ... In other words, higher for longer seems to be in the cards unless additional data confirms a true slowing of inflationary pressures."
Newmont is weighing the future of the Cripple Creek & Victor gold mine in the U.S. following its $15 billion takeover of Australia's Newcrest Mining, said Chief Executive Tom Palmer in an interview.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-06-23 1855ET
