Producers of metals and other raw materials ticked down as the dollar marched higher on inflation fears.
The value of the dollar hit a two-week high against a basket of other currencies, weighing on the price of metals priced in the greenback ahead of inflation data.
Gold futures ticked down to $1792 an ounce. There’s an increasingly stark difference of opinion among Wall Street economists as to whether inflation is “transitory” as the Federal Reserve has argued, or a “structural” issue.
“The [consumer] inflation strength is coming from a myriad of temporary reopening-related supply disruptions, which will dissipate slowly,” said David Zervos, chief market strategist at brokerage Jefferies, in a note to clients, in which he warned clients not to “fall prey to rhetoric” about higher home prices feeding into long-term inflation.
Shares of uranium mining companies surged as retail traders from Reddit’s WallStreetBets forum chased recent…