Producers of metals and other raw materials were flat as gold futures incurred their biggest loss since 2021.
Gold plunged 3.7% to $3276.30 an ounce, as worst-case scenarios about Federal Reserve independence and a brutal trade war seemed to become less likely.
Cyclical sectors initially surged after reports that the Trump administration was considering slashing its steep tariffs on Chinese imports, in some cases by more than half, in a bid to de-escalate tensions with Beijing. Later, the materials sector pared gains after the White House Press Secretary Karoline Leavitt appeared to walk back those reports, saying there would be "no unilateral reduction in tariffs against China."
Treasury Secretary Scott Bessent, whose optimistic comments about Chinese negotiations had sparked a rally Tuesday. took a similar stance.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 23, 2025 17:17 ET (21:17 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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