Sector movers: Homebuilders, precious metals miners retreat

(Sharecast News) - Interest rate sensitive areas of the market sagged on Tuesday as the latest U.S. inflation data printed ahead of economists' forecasts. The headline rate of increase in U.S. consumer prices did ease last month, reaching 3.1% for January after a reading of 3.4% at the end of 2023.

That however was higher the 2.9% that economists had penciled in.

It was also sufficient for Fed funds futures to shift towards only fully pricing in three interest rate cuts for over 2024.

At the end of the previous year as many six rate reductions were being implied by futures markets.

As well, odds now were that a first interest rate cut by the Federal Reserve would not be delivered until its June meeting instead of May's, albeit only by a small margin.

The resulting bid in the U.S. dollar also saw shares of precious metals miners soften.

Top performing sectors so far today

Pharmaceuticals & Biotechnology 19,706.29 +0.83%

Alternative Energy 0.00 0.00%

Alternative Investment Instruments NULL 0.00%

Automobiles and related providers NULL 0.00%

Banking NULL 0.00%

Bottom performing sectors so far today

Household Goods & Home Construction 12,676.50 -4.02%

Precious Metals and Mining 7,764.94 -3.05%

Industrial Transportation 3,750.45 -2.79%

Real Estate Investment & Services 2,178.49 -2.43%

Real Estate Investment Trusts 2,181.02 -2.40%