Shares of industrial and transportation companies fell after weak factory data.
New orders for durable goods declined by 0.2% to a seasonally adjusted $272.7 billion in August compared with the prior month, the Commerce Department said. The data added to a growing impression of a U.S. economy sliding into recession under the weight of rising interest rates.
“The inverted yield curve is suggesting that economic activity is going to slow down and maybe the Fed will be decreasing interest rates a year from now when it becomes apparent that inflation is under control,” said Eric Marshall, president of money manager Hodges Capital.
The Federal Reserve Bank of Richmond’s Survey of Manufacturing Activity’s index was flat in September from minus-8 in August.
Ford Motor is asking a Georgia court for a new trial, after a jury reached a $1.7 billion verdict against the automaker last month involving a truck rollover accident that left two people dead.
Write to Rob Curran at [email protected]
