Producers of metals and other raw materials ticked up as traders bet the Federal Reserve would soon cut interest rates.
The SPDR Select Sector Materials exchange-traded fund, which tracks the materials industry group of the S&P 500, is on the cusp of record highs, despite unfavorable conditions in foreign-exchange markets, said one strategist.
"This is going on with a stronger U.S. dollar and the market still trying to decipher the probability of a rate cut or two rate cuts this year," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
SPDR Gold shares rallied as underlying gold futures tested all-time highs.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-10-24 1659ET
