The materials sector, proxied by the XLB ETF, fell 1.51% in the pre-market session amid a broader market downturn. The primary driver was a surge in Treasury yields, with the 10-year note hitting its highest level since 2002, which pressured cyclical stocks. This macroeconomic headwind was compounded by negative sector-specific news, including reports of declining chemical margins and a sharp sell-off in rare earth mineral stocks. Most sectors were in decline as investors took a risk-off stance ahead of the afternoon's release of FOMC minutes.