Industrialists Make Progress in Volatile Trading – Industrialist Roundup

Shares of industrial and transportation companies rose as traders appeared to decide the selloff had gone too far.

Stocks initially fell after new data showed that inflation remains consistently high, bolstering expectations of a continued and large interest rate hike from the Federal Reserve.

Crucial data points, including the consumer price index and nonfarm payrolls, have tended to elicit sharp, knee-jerk reactions, noted Art Hogan, chief market strategist at B. Riley Wealth Management. .

The reaction from traders was to see the data as “another step closer to Armageddon, and then to step back from the cliff and say that we’ve already assessed a lot of it,” Hogan said.

In corporate news, shares of Delta Air Lines rose after reporting third-quarter results and saying continued appetite for travel helped it recoup higher costs while filling seats. The carrier said business travel was improving and domestic and international demand remained robust.

Shares of Toshiba rose sharply following a report that a group led by Japan Industrial Partners aims to buy the industrial giant for 2.8 trillion yen, the equivalent of $19.06 billion.

A federal appeals court has upheld 3M’s request to review a bankruptcy judge’s refusal to block mass injury lawsuits from suing the conglomerate over its manufacturing unit’s Chapter 11 filing. earplugs, Aearo Technologies LLC, putting the call on a faster path to resolution.

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