Industrials move lower amid mixed data – Industrial roundup
Shares of industrial and transportation companies slid amid mixed data.
The Institute for Supply Management’s manufacturing PMI, a closely tracked index of manufacturing activity in the United States, rose to 56.1% in May from 55.4% the previous month, the group said on Wednesday. of research. Any number above 50% signifies growth. The index has been above the break-even point for two years.
Meanwhile, another manufacturing metric, the S&P Global US Manufacturing PMI, fell to 57 in May, its lowest level in four months.
Cost inflation accelerated at the fastest pace in six months, even though delivery delays were the least prevalent in 16 months, said Chris Williamson, chief economist at S&P Global Market Intelligence.
A woman injured in April’s mass shooting on the New York City subway is suing the company that makes the weapon used in the attack. Brooklyn resident Ilene Steur filed a lawsuit in federal court in New York against arms maker Glock GmbH and its U.S. unit, Glock Inc., this week.
The lawsuit alleges that the Austrian arms manufacturer flooded the market with weapons and failed to train dealers to avoid illegal transactions. The lawsuit also claims that the company’s marketing strategy encouraged high-capacity magazines and easy concealment of firearms, thereby endangering public safety.
Delta Air Lines raised its sales forecast for the second quarter, expecting revenue to return to pre-pandemic levels thanks to higher demand and prices.
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