The materials sector, as measured by the XLB ETF, is trading higher today, primarily driven by a surge in key industrial and precious metals prices. Copper prices rose for a second consecutive session due to a reduced likelihood of a U.S. interest rate hike and the possibility of mine strikes in Chile, which could tighten supply. Silver prices also saw gains. This commodity-led rally is supported by a broader market sentiment that a cooling labor market may lead the Federal Reserve to pause its rate-hiking cycle.