Producers of metals and other raw materials fell, but not by as much as the broad market, as traders weighed the likelihood of a shift in the Federal Reserve's plans.
Rate-sensitive shares were in retreat until Cleveland Fed President Loretta Mester said that she still expects three interest rate cuts in 2024. Mester warned that May was too early to expect a rate cut but did not rule out a June cut.
Recent economic data has suggested a sustained up-tick in inflation, but it's unclear whether the increases are significant enough to prompt a change in Fed policy. The U.S. dollar slipped against rivals, suggesting diminished fears of a rate delay.
Egg producer Cal-Maine Foods said it detected bird flu at one of its plants in Parmer County, Texas, leading to the elimination of about 1.6 million laying hens and 337,000 pullets.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-02-24 1755ET
