Producers of metals and other raw materials fell as the dollar rose against rivals.
Extended cutbacks in oil production from Saudi Arabia and Russia spurred fears that those nations may anticipate a prolonged slowdown in Chinese demand.
The dollar is also gaining because of doubts abouOne strategist said the prospects of more significant rate increases from the Federal Reserve were low, despite rhetoric from Chairman Jerome Powell and others warning that the rate-hike cycle was not yet complete.
"The Fed continues to talk going to be more in store, but part of that is the bully pulpit because as soon say we're finished going to stop, it would have unintended consquences," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Russian wheat production looks set to hit record levels, while the extreme U.S. heat is likely to weigh on supplies.
Galileo Resources shares rallied after the miner entered a joint venture with Cooperlemon Consultancy for copper exploration in Zambia.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-05-23 1707ET
