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May 6, 2021 8:50 PM UTC Producers of metals and other raw materials ticked up as a spiral in materials prices continued. Copper prices closed above $10,000 a metric ton in London for the first time in a decade amid anticipation of a global construction boom. Producers are responding to the dramatic increase in copper prices, which have roughly doubled in the last 12 months. Zambia s second-largest copper-and-cobalt producer, Konkola Copper Mines, plans to expand mining operations in a new area in the Copperbelt province in order to profit from the rally. Ag commodities and base metals have been on a meteoric rise, said Craig Fehr, investment strategist at brokerage Edward Jones. That s partly a signal on expectations for a global rebound, expectations that demand for all these things, which are inputs to a structural economic recovery, is going to continue to increase.
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May 4, 2021 9:09 PM UTC Health-care companies ticked up as investors sought out defensive areas such as Big Pharma and health insurers. Pfizer shares rose slightly after it forecast $26 billion in sales from the Covid-19 vaccine it co-developed with BioNTech this year alone, a major increase from several months ago that reflects the shot s growing role in the global vaccination campaign. CVS Health said demand for Covid-19 vaccinations has fallen by about 30% recently as Americans hesitancy to receive the shots outweighs expanding eligibility and access. India s case tally rose above 20 million, after nearly doubling in three months, with its official death toll rising to 220,000. Observers in the populous nation say the death toll appears to be far higher, with people forced to improvise funeral pyres because crematoria are turning them away.
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May 4, 2021 9:27 PM UTC Communications services companies fell as investors rotated out of growth sectors such as communications services into value sectors such as energy and financials. Facebook has been quietly working to prepare Madison Avenue for the long-anticipated ruling by its oversight board on whether the company should reinstate former President Donald Trump s Facebook and Instagram accounts. Whatever the decision, analysts expect it to stir further debate about the fluid rules of engagement for political speech on the social network giant s platforms. Write to Rob Curran at rob.curran@dowjones.com (END) Dow Jones Newswires Sponsor Center
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May 4, 2021 9:25 PM UTC Shares of technology companies fell as investors rotated out of the growth sector into value sectors such as materials and industrials. Shares of Apple tumbled, retreating more than 3% to take the shares into correction territory, more than 10% below recent records. Electric-car companies continued their recent descent amid skepticism about the outlook for infrastructure legislation, which would boost investment in charging stations. Tesla shares fell almost 2% and are now in bear-market territory, more than 20% below their January highs. Shares of Lyft rose in late trading after the ride-hailing company posted a rebound in demand.
Provided by Dow Jones Shares of power producers ticked down, but remained near recent highs as Treasury yields retreated. The utilities sector lagged the broad market during the rally in the second half of 2020, but is among the leading sectors in 2021, as investors become concerned about valuations of technology stocks and other growth sectors. Houston s EnCap Investments raised $1.2 billion for its first fund dedicated to renewable-energy project developers, securing nearly two-thirds of the capital in the past six months. Write to Rob Curran at rob.curran@dowjones.com (END) Dow Jones Newswires Sponsor Center