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The S&P 500 Materials moved +4.93% this week and the Materials Select Sector SPDR ETF (NYSEARCA:XLB) +5.01%. Overall market sentiment was positive, aided by no fresh news regarding the banking crisis and favorable economic data that strengthened the case for the Federal Reserve ending its rate-hiking campaign.
Gold slipped around 0.5% this week, with Comex gold (XAUUSD:CUR) stopping just short of the $2,000 threshold. Demand was driven by a weaker dollar and lower bond yields as investors foresee a fall in interest rates.
Meanwhile, iron ore futures (SCO:COM) closed around +3.7% for the five-day trading period, supported by hopes for demand recovery. The most-traded May iron ore futures contract on the Dalian Commodity Exchange ended daytime trading up 4.8% during the past week. On the Singapore Exchange, the most-active May iron ore contract was up 7.5% since a week ago.
Take a look at this week’s top gainers among basic material stocks ($2B market cap or more):
- Companhia Siderurgica Nacional (SID) +13.70%
- Sigma Lithium (SGML) +11.96%
- Triple Flag Precious Metals (TFPM) +10.50%
- Braskem (BAK) +10.47%
- Posco Holdings (PKX) +9.44%
Here are the top losers among basic material stocks:
Other materials ETFs to watch: iShares Global Timber & Forestry ETF (WOOD), Materials Select Sector SPDR ETF, Vanguard Materials ETF (VAW), iShares Global Materials ETF (MXI), SPDR S&P Metals and Mining ETF (XME), VanEck Vectors Gold Miners ETF (GDX), iShares MSCI Global Gold Miners ETF (RING), Global X Copper Miners ETF (COPX).
