Producers of metals and other raw materials ticked up as traders hedged their bets on the outlook for Federal Reserve's policy statement midweek.
One strategist said the weakness in the materials sector and the strength of the U.S. dollar in January is inconsistent with Wall Street interest-rate forecasts.
"If you look at the down sectors year to date -- real estate... followed by materials...followed by utilities...some of these stodgy old value type areas," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
"Many of those: if you think there was a more user friendly Fed, you think that lower rates certainly benefit all of those, and yet those are the ones that have the least returns year to date," said Joyce.
"It's another question of: 'what's the disconnect?' If you really belief the Fed's on the precipice of lowering rates why aren't these interest-rate sensitive sectors up?"
Shares of iron-ore miner Cleveland Cliffs rose sharply ahead of its earnings report.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-29-24 1713ET
