Industrial stocks hit as weak economic data fans recession jitters

Matson

04/04/2023 19:47

** Shares of industrial firms drop on Tues after weak data
sparks recession worries
    ** New orders for U.S.-manufactured goods fell for 2nd
second straight month in Feb, and showed signs that business
spending on equipment remained weak in the first quarter
    ** The S&P 500 Industrials sector  .SPLRCI  down 2.2%,
snapping 7-session winning streak, with just a handful of index
components in positive territory in afternoon trade
    ** Caterpillar Inc  CAT.N  biggest drag on index, down 5.2%
and stock on course for biggest one-day pct drop since Mar 10
    ** CAT peer Deere & Co  DE.N  down 3.9%
    ** United Rentals Inc  URI.N  8.0% and Generac  GNRC.N  6.3%
worst index performers
    ** Other notable losers include Boeing  BA.N  0.9%, General
Electric  GE.N  1.8% and 3M Co  MMM.N  2.2%
    ** With decline on Tues, SPLRCI up ~1% YTD vs S&P 500's
 .SPX  6.7% advance

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))