Producers of metals and other raw materials fell as inflation nerves offset deal activity.

Anglo American and Teck Resources agreed to a merger that will create one of the world's largest copper producers with a combined market value of more than $53 billion, as the importance of copper to data-centers and electrification trends has caused a global rush for the industrial metal.

Teck Resources rose sharply. Rivals like Freeport McMoRan declined.

Gold futures continued their torrid run, closing at a new record high of $3643.30 an ounce.