Producers of metals and other raw materials fell as robust wholesale inflation data caused traders to adjust bets on Federal Reserve policy.

Producer prices rose 0.6% in February from the prior month, according to the Labor Department, far exceeding economists' expectations of a 0.3% increase. The surprisingly robust inflation data drove up Treasury yields and the U.S. dollar. Gold futures, which are sensitive to dollar movements, fell slightly but remain within 1% of all-time highs.

United States Steel shares continued to retreat, falling by more than 9%, as investors digested President Joe Biden's opposition to the proposed $14 billion purchase of the company by Japan's Nippon Steel.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

03-14-24 1734ET