U.S. Stocks Slip, Dragged Lower by Materials Sector

By Anonymous

Investors pull back from the sector on concerns of rising costs and slowing global growth

A broad selloff among materials firms sent the S&P 500 lower, handing the index its fourth consecutive session of losses.

Inflationary pressures spooked stock-market investors and sent shares of all of the chemical, mining and packaging companies within the S&P 500’s materials sector reeling after paint and coating maker PPG Industries warned that higher raw-material costs and lower demand in China would crimp profit in the third and fourth quarters.