Producers of metals and other raw materials were mixed as traders braced for a hawkish statement from the Federal Reserve.

In the latest sign that inflation is once more rearing its ugly head, the cost of labor for U.S. companies accelerated in the first quarter at the fastest pace in a year and a half.

Fed officials will likely hold their benchmark federal-funds rate steady at its highest level in more than two decades, around 5.3%, and signal they are prepared to wait inflation out at that level, The Wall Street Journal reported.

Copper futures rose sharply in April amid optimism about electrification trends. Gold futures slipped, but remained near all-time highs.

Falling grain prices weighed on Archer Daniels Midland earnings.

Cocoa futures fell sharply as speculation that harsh weather in West Africa would lead to a shortage reversed itself.

Corning shares rose after the glass processor forecast 2024 revenue growth, citing rising demand for fiber cables in artificial-intelligence and 5G applications.

Write to Rob Curran at

(END) Dow Jones Newswires

04-30-24 1736ET