Producers of metals and other raw materials rallied as inflation ran hot, but not too hot in the latest Labor Department report.
Consumer prices rose 5.4% in July from a year earlier, the same pace as in June and the highest 12-month rate since 2008, the Labor Department reported.
"Rising interest rates and an infrastructure deal underpinned the rotation back into more cyclically levered sectors," said analysts at brokerage Piper Sandler.
ThyssenKrupp shares fell after the German steel giant said market conditions remained challenging despite.
Shares of other steelmakers such as Nucor added to Tuesday's gains sparked by the passage of a $1 trillion infrastructure bill. There were some doubts as to whether the bill would make it through the House of Representatives as progressive Democrats vowed to block it unless a $3.5 trillion budget resolution passed.
Hog futures recovered some of the hefty losses incurred over the last week, in what some traders said looked like speculative swings in the market.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-11-21 1631ET
