Producers of metals, grains and other raw materials ticked down as inflation concerns persisted.

Rising long-term Treasury yields and oil prices have jolted markets, causing investors to question whether inflation will subside without central-bank action. Rate-sensitive gold futures continued their recent rally, however, and are now up by 12% for August, as some traders wager that the Federal Reserve will remain on hold.

Fertilizer maker CF Industries rose as the closure of the Strait of Hormuz continued to push up prices of soil nutrients.