Producers of metals and other raw materials rose after optimistic projections for steelmakers.
Shares of Nucor rallied after the steelmaker said it anticipated higher demand for steel in the U.S., amid "near shoring" of manufacturing in North America and increased government spending on infrastructure projects.
Similarly, Steel Dynamics shares surged after the steelmaker posted quarterly profit in line with expectations, and said a recent increase in U.S. steel prices is set to continue. Rival U.S. Steel rose in sympathy.
Wheat futures rose as traders cast a skeptical eye on Russian harvest estimates.
Gold futures continued their recent run as traders doubled down on bets that the Federal Reserve would make a dovish policy statement.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-26-23 1729ET
