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Materials Shares Sink; Gold Settles Higher -- Materials Roundup

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06/09/2020 | 03:16pm EDT

Producers of metals and other raw materials were lower.

Safe-haven gold settled higher, getting a lift as stocks pulled back a bit a day ahead of the Federal Reserve's monetary policy statement. The Fed isn't expected to announce any changes and the statement is likely to "reiterate unlimited Fed support and backstop to the U.S. economy and market," said Jeff Wright, executive vice president of GoldMining Inc.

Meanwhile, "U.S.-China tensions are still heightened with no sign of abating in short term," he said.

Scotts Miracle-Gro boosted its sales and earnings guidance for the year as the homebound spend more time gardening. Of the 17 basic materials and resource companies in the S&P 500 index, two have raised guidance while six have lowered their guidance.

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

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.78% 26287.03 Delayed Quote.-9.50%
GOLD -0.10% 1783.718 Delayed Quote.17.04%
GOLDMINING INC. -2.10% 2.33 Delayed Quote.75.19%
NASDAQ 100 2.54% 10604.057974 Delayed Quote.18.42%
NASDAQ COMP. 2.21% 10433.649913 Delayed Quote.13.76%
S&P 500 1.59% 3179.72 Delayed Quote.-1.58%
THE SCOTTS MIRACLE-GRO COMPANY -0.18% 134.43 Delayed Quote.26.61%
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