The S&P materials sector index fell -7.64% this week and the Materials Select Sector SPDR ETF (XLB) -7.59%. The sentiment was clouded by hardline testimony from Federal Reserve Chairman Jerome Powell before the Senate. and the house, and warm labor market data.
The banking sector was also affected by two events: the liquidation of the crypto bank Silvergate (SI) and the collapse of the unit of SVB Financial (SIVB), Silicon Valley Bank. This helped precious metals rally on Friday, although their weekly performance was less than positive.
April Comex Gold (XAUUSD:CUR) +0.7% at $1,867.76/oz, while May silver (XAGUSD:CUR) -3.43% at $20.53/oz.
Gold futures have been falling over the week after Federal Reserve Chairman Jerome Powell said “inflationary pressures are higher than expected” and left the door open for more US interest rate hikes. what was previously planned.
Copper (HG1:COM) prices also fell -1.22% for the week due to fears of new interest rate rises and an increase in supply. Copper lowers to three months on the London Metal Exchange -2.1% this week.
Take a look at this week’s top gainers among basic materials stocks (market cap $2 billion or more):
- Sibanye Still Waters (SBSW) +0.73%
- AngloGold Ashanti (AU) +0.69%
- Gold Fields (GFI) +0.21%
- Simec Group (SIM) +0.028%
- Silvamo (SLVM) -1.95%
Here are the biggest losers among basic material stocks:
- Enviva (EVA) -18.13%
- Alcohol (AA) -17.51%
- Tronox (TROX) -16.65%
- Avant (AVTR) -15.16%
- Lithium Americas (LAC) -14.32%
Other material ETFs to consider: 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).