Producers of metals and other raw materials fell as the dollar continued to strengthen against a basket of rival currencies.
The dollar rose on inflation concerns, on a belief that the Federal Reserve will soon tighten policy to ward off inflation, and on a general wave of risk aversion. Among high-risk currencies, the British pound sterling fell by more than 1%.
The dollar may continue to strengthen against the euro and other currencies because of a "decoupling" in the rate of economic growth over the last two decades, said strategists at brokerage Bank of America Global Research, in a note to clients.
Among the potential structural reasons for the U.S. outpacing Europe's growth, according to the brokerage is the younger U.S. working-age population.
In the latest sign that corporations are hunkering down for extended supply-chain struggles, building materials giant HeidelbergCement agreed to buy a 45% stake in Command Alkon, a provider of supply-chain-management software for the heavy construction industry from investment firm Thoma Bravo for more than $1.7 billion.
Gold miners Agnico Eagle Mines and Kirkland Lake Gold agreed to merge in an all-stock deal that would create a Canadian gold mining giant with a combined market capitalization of about $24 billion.
Yet shares of both miners fell alongside gold futures amid fears that the deal was mistimed. Hog futures added to recent gains, bringing their advance to roughly 12% in five sessions as traders anticipated U.S. shortages.
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(END) Dow Jones Newswires