Producers of metals and other raw materials fell sharply amid recession fears.
The combination of a slowdown in manufacturing orders and a rise in unemployment reported last week has convinced many investors that the Federal Reserve will be too late to save the U.S. economy from recession. Copper futures, often viewed as an economic barometer, were particularly weak.
"The faint caution lights indicating an economic slowdown only a short time back are now beginning to flash brightly," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-05-24 1747ET
