Producers of metals and other raw materials fell after Federal Reserve Chairman Jerome Powell warned that recent data could force the central bank to rethink interest-rate cut plans.
"Some of the inflation numbers indicate that inflation is a little bit sticky," said Joseph Rinaldi, president and chief investment officer at wealth manager Quantum Financial Advisors. "Some of the corporate earnings announcements have come out fairly healthy so you don't see the economy slowing as of this week. That's what has pushed up long-term interest rates ... and hit the pause button on a rise in equity prices."
International Paper agreed to buy London-listed rival DS Smith for GBP5.8 billion, or roughly $7.22 billion, in shares, outbidding Mondi.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-16-24 1811ET
