Producers of metals and other raw materials rose as momentum traders rotated into the sector from the technology group, positioning themselves for a continuation of the recent surge in commodities prices.
Lumber futures and copper futures traded around record highs. Shares of the world's largest industrial-metals miners such as BHP Group, Freeport McMoRan and Vale surged to test all-time highs. Investors view the commodities sector as a way to hedge against inflation, said Brent Schutte, chief investment strategist at money manager Northwestern Mutual Wealth Management.
Global efforts to curb carbon emissions could suffer if mining companies and governments don't invest rapidly in ramping up production of the metals used in electric vehicles, wind turbines and solar panels, the International Energy Agency warned.
Shares of Barrick Gold rose after the gold miner's chief executive told The Wall Street Journal the company had settled a dispute with Papua New Guinea by giving locals a 51% ownership stake in a Barrick mine, which persuaded the national government of the impoverished nation to "walk back" nationalization plans.
Shares of former DuPont agricultural-chemicals and seed making unit Corteva tumbled after it restated earnings projections, scotching investor hopes that its growth trajectory had improved lately.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-05-21 1634ET
