Producers of metals and other raw materials were more or less flat as traders hedged their bets on the outlook for interest-rate policy.
Markets are "myopically focused" on the Federal Reserve's rate-policy plans, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
In April, the conventional wisdom was that "the Fed was not going to be able to cut, with the growth rate still staying up there and therefore inflation is still high," said Joyce. "Now, there's enough weakness [in the data] that people are adding the different data points togeher and saying, 'maybe the Fed is going to cut.'"
BHP Group, the world's largest miner by production, said smaller rival Anglo American rejected an improved takeover proposal that valued the target at roughly $42.59 billion. Shares of Anglo ticked down, amid doubts that BHP will return to the negotiating table.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-13-24 1702ET
