Producers of metals and other raw materials fell sharply after weak economic data.

British miner Anglo American suffered a potential setback to its plan to sell steelmaking-coal assets after suspending production at an Australian mine following a fire.

The Institute for Supply Management's factory index showed another contraction, continuing a trend that began in late 2022. Still, as the dust settles on recent data, rate-sensitive sectors could draw buyers, according to one strategist.

"Some of the data right now is starting to look a little weaker, so maybe we're back to the old 'bad news being good news and good news being bad news market right now,'" said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "Some of this economic data is giving more confidence to the investing community that maybe the Fed is going to cut."


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-01-24 1727ET