Shares of industrial and transportation companies rose as a slowdown in factory activity was not as severe as some investors had feared.
Industrial production fell 0.2% in June, the first decline of the year.
“With consumer demand for goods softening and inventories much higher than in late 2021, many manufacturers are throttling back in preparation for weaker sales ahead,” said Bill Adams, chief economist for Comerica Bank.
In one illustration of the havoc wreaked by continued supply-chain dysfunction, General Motors didn’t finish 95,000 cars in the second quarter because of a lack of parts.
Aerospace giants Boeing and Airbus rose ahead of the Farnborough International Air Show, the first major commercial aviation shows since the pandemic largely shut down air travel.
Sen. Joe Manchin (D., W.Va.) told the Senate’s top Democrat that he wanted to see evidence inflation was receding before committing to a broader climate and tax plan.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
07-15-22 1642ET
