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Materials Up As Market Leadership Shifts -- Materials Roundup

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06/01/2020 | 04:31pm EDT

Producers of metals and other raw materials rose as investors rotated into cyclical sectors, optimistic about progress with economic reopening.

In recent weeks, the top performers on the U.S. stock market have been beaten-up sectors like materials and industrials rather than the tech stocks that led the previous bull market, according to one brokerage.

"Market leadership" is shifting from "growth/defensive late cycle sectors to more cyclically geared early cycle sectors," said strategists at brokerage Morgan Stanley, in a note to clients.

Grain futures fell on the CBOT exchange after reports that China was slowing imports of U.S. crops, endangering the phase one trade deal.

Gold futures, which are used as a safe haven and as a hedge against inflation, finished above $1737 an ounce, within 1% of its recent multiyear peak.

 

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

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.37% 1807.29 Delayed Quote.18.53%
MORGAN STANLEY 4.82% 49.8 Delayed Quote.-2.58%
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