Materials Down as Dollar Rises — Materials Roundup

Producers of metals and other raw materials fell after a long run-up, amid anxiety ahead of jobs data. The U.S. dollar rose against rivals after the head of the U.S. central bank sounded sanguine notes on the outlook for the U.S. economy. Federal Reserve Chair Jerome Powell said the central bank would continue to reduce interest rates from a two-decade high to help support hiring and preserve a growing economy. "Overall, the economy is in solid shape; we intend to use our tools to keep it there," Powell said, in an address to a Nashville conference.

One strategist said investors are likely to recalibrate rate expectations further after jobs data later in the week. This week "is going to be about employment data...that's just so important because that's where it seems the Fed is currently placing its emphasis," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

The European Central Bank is more confident that inflation is going to settle at its target after a series of recent data releases, and will take that into account when it next sets policy, President Christine Lagarde said.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

September 30, 2024 17:21 ET (21:21 GMT)

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