Producers of metals and other raw materials fell as a rebound in global markets stalled.
Cyclical sectors initially rallied after an official from the Bank of Japan said the central bank would not raise interest rates while markets remained unstable. Gold futures ticked down but lingered near all-time highs as the precious metal's defensive qualities drew investors concerned about the outlook for economic activity.
Metals trading and mining giant Glencore abandoned a plan to spin off its coal business after shareholders encouraged it to keep mining the fossil fuel, in the latest signal that the sustainable-investing craze is fizzling out.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-07-24 1754ET
