Producers of metals and other raw materials fell after weak earnings from one major miner and as investors awaited the outcome of economic-stimulus negotiations.
Shares of Swiss-based mining and metals trading giant Glencore slid after it reported a loss for the first half of the year and scrapped its dividend, as the coronavirus pandemic sapped demand, weighed on prices, and impeded production at its mining unit.
Gold futures rose for a fifth straight day, as continued weakness in the U.S. dollar and hedges on Friday's July jobs report drove bullion prices to nearly $2,100-a-troy-ounce.
Prices of one key grade of steel look set to remain under pressure, according to one brokerage. "Hot-Rolled-Coil prices are unlikely to recover materially this year, but downside appears limited, too.
Auto and appliance demand are strong, not driven by restocking," said analysts at brokerage Morgan Stanley, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
