Producers of metals and other raw materials fell.

Gold futures finished lower after four straight days of gains as traders awaited a speech on Friday from Federal Reserve Chairman Jerome Powell. "Many gold traders ... are holding their breath in anticipation of a potential signal from the world's economic leaders," said Stuart O'Reilly, market insight analyst at The Royal Mint, with Powell "offering a temperature check on the economy and interest rates."

Industrial conglomerate Esmark said it is abandoning its attempt to acquire United States Steel amid pressure from the United Steelworkers union, which has thrown its support behind a rival bid from steelmaker Cleveland-Cliffs.

The latest data from the U.S. Drought Monitor shows a much wider swath of Texas and Louisiana experiencing extreme or exceptional drought conditions -- which may present the biggest threat to cotton growing in the southern U.S.

Portions of Iowa and Minnesota also grew more severe in their moisture deficiency, which may have an impact on corn crops heading for the finish line and soybeans still in development. Surveys of fields by the Pro Farmer Midwest Crop Tour have shown that while crops overall are in a better position than they were at this time last year, it's no banner year, said Brent Judisch, a crop scout on the tour's western leg.


Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

08-24-23 1751ET