Producers of metals and other raw materials fell after Federal Reserve Chairman Jerome Powell warned more rate hikes could be on their way.
Powell said it was premature for the central bank to declare a conclusive end to its historic interest-rate increases of the past two years even though he didn't make an argument for raising rates further right now.
Powell's commentary "implies that another rate hike may be necessary if inflation doesn't pull back at a faster pace," said Quincy Krosby, chief global strategist at brokerage LPL Financial, in e-mailed commentary.
"Powell's comments coupled with a disappointing [Treasury bond] auction is a logical excuse for the market to begin consolidating gains."
Swiss seed and pesticide producer Syngenta Group said its listing on Shanghai's main market won't happen this year due to weak market conditions, the latest delay in its yearslong pursuit of a blockbuster initial public offering.
The Oct. 28 fire at a coal mine in Kazakhstan that killed 46 miners was "the saddest day in the history of ArcelorMittal," said Chief Executive Aditya Mittal.
Randall Atkins' company, Ramaco Resources, is set to develop the first new rare-earths mine in the U.S. since 1952, on the site of a coal-mine near Sheridan, Wyo.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-09-23 1733ET
