Producers of metals and other raw materials fell amid concerns about the outlook for interest rates.
Federal Reserve Governor Christopher Waller said he's "prepared for a longer fight to get inflation down." The comments echoed those of New York Fed President John Williams. One strategist said the central bankers are having a hard time convincing stock-market bulls that plans are in earnest.
"The market is not believing what the Fed is saying, and the Fed is repeating its message that it's going to hike further," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
"It's really tough to have a recession without a rise in unemployment, and we obviously saw the very strong January jobs report. And it's really, really tough to bring inflation under control without a recession."
Australian building-materials concern Boral posted a sharp drop in first-half net profit, tempered by an optimistic growth outlook.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-08-23 1727ET
