Producers of metals and other raw materials tumbled as investors took a risk-off approach one week ahead of the Federal Reserve's next meeting on interest rates.
Chemical giant Dow beat first-quarter profit and sales expectations but saw volume drop 11%. The stock fell nearly 5% Tuesday.
Mining company Anglo American said its first-quarter production rose 9% compared with the same period the previous year driven by copper production at its new mine in Peru as well as improvements in its steelmaking coal and iron ore business operations.
Meanwhile, a bipartisan bill set to be introduced in Congress this week would offer a tax credit for establishing rare-earth magnet production in the U.S., a crucial component for the clean-energy transition.
MP Materials efforts to build a local supply chain demonstrate the challenge for American producers.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
04-25-23 1701ET
