Materials Down as U.S. Dollar Tests Multi Year Highs -- Materials Roundup

Dow Jones12-20

Producers of metals and other raw materials fell as the dollar continued its rise to multi year highs.

Dollar-sensitive gold futures continued their decline in the wake of the Federal Reserve move, trading around $2592 an ounce -- roughly 7% below their all-time highs from earlier in the year. "One of the ways you could look at it is the Fed saying we got the soft landing, and now we're setting up for a new administration as they come in, and this is a different chapter in our lives," said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.

Lamb Weston shares plunged after the french-fry maker cut its growth projections and replaced Chief Executive Thomas Werner with Chief Operating Officer Michael Smith.

The number of Americans who applied for unemployment benefits in middle of December fell to 220,000 from a holiday-exaggerated 242,000 in the prior week.

Activist investor Irenic Capital Management has built a stake in government contractor KBR and plans to push the company to separate its segment that serves the private sector.

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

(END) Dow Jones Newswires

December 19, 2024 18:08 ET (23:08 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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