Industrials down after mixed factory data, Yellen Call – Industrials roundup

Shares of industrial and transportation companies fell after mixed manufacturing data.

Factory orders in the United States jumped 1.6% in May, but the increase was largely linked to petroleum products, the prices of which rose sharply. More recently collected factory data, including regional surveys, suggests a slowdown.

Cyclical stock indices were higher in early trading amid speculation that the Biden administration was set to cut tariffs on Chinese goods.

In a virtual meeting on Tuesday, Liu He, China’s chief trade negotiator, told US Treasury Secretary Janet Yellen that the lifting of tariffs and additional sanctions is of great interest to China. , according to a statement from the official Xinhua news agency.

Cyclical sectors sold off as US markets opened and traders digested reports on the diplomatic call.

“There was a bit of disappointment in the talks…ostensibly the call didn’t go in the direction the market expected,” said Quincy Krosby, chief equity strategist at brokerage LPL Financial.

Ford Motor reported a nearly 32% increase in U.S. sales in June, beating much of the industry by improving truck and SUV deliveries and benefiting from the rollout of a new pickup truck all electric.

Write to Rob Curran at

(END) Dow Jones Newswire

07-05-22 1701ET

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