Quick — what’s the best performing sector in the S&P 500 so far in June? No, it isn’t the highflying information technology sector — that’s second best.
The sector represents shares of companies most closely tied to production of raw materials used in manufacturing, including steel, aluminum and chemicals. So, why is the materials sector rallying, even as a tariff tit-for-tat between the U.S. and some of its largest trading partners is threatening to erode economic expansion?
“The market started to sense that the Fed was starting to transition from a pause to a more actively dovish stance,” Quincy Krosby, chief market strategist at Prudential Financial, told MarketWatch. She said anything that is seen as bolstering the economy-sensitive sector can deliver a jolt to shares of the materials sector.
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