Materials Down After Jobs Data -- Materials Roundup

Producers of metals and other raw materials fell amid further signs of slowing economic growth.

Employers added 315,000 jobs last month, down from the prior month's revised 526,000 jobs, the Labor Department said.

"Right now, we are starting to see the beginnings of a weakening economy," said Quincy Krosby, chief global strategist at brokerage LPL Financial. "That's a concern as quantitative tightening coupled with rate hikes take hold."

Materials and other cyclical sectors initially gained amid hopes that a mixed jobs report would dissuade the Federal Reserve from more bumper rate increases.

ArcelorMittal, one of the world's largest steelmakers, plans to close two of its plants in Germany amid soaring electricity costs, a problem that could be exacerbated after Russia cut off gas supplies on the Nord Stream pipeline indefinitely.

Gold futures finished higher, recouping some losses after closing at a six-week low.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

09-02-22 1704ET