Shares of materials companies edged lower, though gold miners outperformed as the metal continues to set new highs.

International Paper said significant progress has been made in reciprocal due diligence on its potential takeover of peer DS Smith, but there is no certainty that any takeover will go ahead. International Paper plans a secondary listing on the London Stock Exchange if the deal goes ahead, providing a relief for the exchange following a spate of defections.

The front-month Comex gold contract rose 0.5% to a new record of $2,343.50 a troy ounce.

The estimated value of open interest across precious metals is about $194 billion, a record high according to JPMorgan Chase Commodities Research. Open interest is up 7% alone in the past week.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

04-09-24 1657ET