Fuels and precious metals led commodities lower and Treasuries rose before the Federal Reserve announces its plans for monetary policy tomorrow. The Standard & Poor’s 500 Index fell while the benchmark gauge of equity volatility extended gains to a two-month high.
In a year heralding the landmark initial public offering of Facebook Inc., share sales got off to a slow start. While more companies tapped equity markets in March, IPOs globally raised $16.2 billion in the first quarter, the least since 2009.
Stocks and commodities declined after China raised fuel prices by the most in two years and BHP Billiton Ltd. said the nation’s steel production is slowing. Treasuries advanced for the first time in 10 days.