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Producers of metals and other raw materials fell sharply amid fears that a highly anticipated “pivot” from the Federal Reserve was still a long way off.
High-risk stocks like the materials sector initially gained after the Fed opened the door to more modest rate increases in its statement. But Chairman Jerome Powell struck a more hawkish than anticipated tone during the press conference.
“Powell appeared to be reading a different script, as he made it clear it was premature to pause hiking just yet,” said Ryan Detrick, chief market strategist at financial advisory Carson Group. Mr. Powell also indicated that it was becoming less likely that the Fed could conduct its inflation fight without inducing a recession.
British prosecutors are seeking over $200 million in penalties from metals mining and trading firm Glencore to resolve a probe into bribery in Africa, and they said they now want to prosecute a number of the commodities giant’s former executives.
Wheat futures fell more than 6% after Russia said it would re-enter a deal keeping grain export routes in the Black Sea open.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
November 02, 2022 17:10 ET (21:10 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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