Producers of metals and other raw materials slid after the July jobs data further stoked recession fears.
"Yesterday's selloff and a good portion of today's selloff have to do with whether or not the Fed is behind the curve," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
"There are concerns about the direction of the economy. The market wants to see a rate cut associated with inflation coming down so that the higher-for-longer rates, are not warranted. It doesn't want an emergency rate cut because the economy is slowing at a faster pace," Krosby said.
Gold futures hit all-time intraday highs above $2500 an ounce as the possibility of a recession and a series of interest-rate cuts boosted demand for the precious metal, which is sensitive to shifts in rates and also favored by investors during macroeconomic and geopolitical shocks.
Rio Tinto won't scrap its dual listing in London and Sydney, concluding that doing so would destroy value for shareholders, rebuffing a call from activist investment firm Palliser Capital.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-02-24 1731ET
