Producers of metals and other raw materials rose after tepid jobs data and more salvos in a burgeoning trade war kept rate-cut hopes alive, despite a vow from Federal Reserve Chairman Jerome Powell to remain patient.
"We expect that the labor market will continue to cool gradually in the months ahead, with downside risks due to government spending uncertainty," said economists at brokerage Jefferies. The Jefferies economists forecast three rate cuts this year, while cautioning that the Trump administration's unpredictable policies could trigger adjustments to the forecast.
A second round of tariffs on Chinese imports means that all goods from that nation will face at least a 20% levy at the U.S. border. China reacted in kind, levying tariffs on U.S. agricultural products, coal, energy and some manufactured goods.
Wang Yi, China's foreign minister, condemned Trump's moves as a failure to abide by trading norms, and vowed more retaliation.
Gold futures fell from record highs as traders rotated back into risky sectors from safe havens. Copper futures have strengthened recently due to the weakening dollar and optimism about Chinese economic activity.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 07, 2025 17:35 ET (22:35 GMT)
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