0008 GMT - Avoid buying U.S.-listed diversified metals and mining stocks, and be selective in betting on gold-mining ones, Renaissance Macro says in a note. RenMac says the materials sector is experiencing persistent weakness with little support and sees it as one of the weakest spots in the broader market. "Copper continues to act heavy here and is close to breaking long-term uptrend support," while steel is poised to be a laggard this year, RenMac says. Gold miners are struggling to bounce, says RenMac, and it recommends buying dips in Royal Gold and selling into gains in Newmont. The stronger U.S. dollar is a headwind for the materials sector, which "is historically the worst performer in the broader market when the dollar experiences a significant move higher," RenMac adds. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
January 02, 2025 19:08 ET (00:08 GMT)
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