Goldman Sachs analyst James Covello this morning cut his rating on Applied Materials to Sell from Neutral, while reducing his stance on Lam Research to Neutral from Buy, asserting that a recent rally in semiconductor equipment shares has created significant downside risk for the group.

FORBES: Applied, Lam Slide; Goldman Warns Of Slowdown Ahead

But Citigroup analyst John Lawson believes the market has already priced in the increasing expense of raw materials, and that Michelin should be able to incorporate them with price hikes.

FORBES: Michelin Skids In Third Quarter

The rise in basic materials such as precious metals was caused by a weakening of the dollar against other currencies, HSBC analyst Howard Wen said.

NPR: Dow Jones Average Closes At Another Record High