Industrials Down as Traders Digest Economic Data — Industrials Roundup
Shares of industrial and transportation companies fell as traders digested surprisingly strong economic data.
Shares of Tesla slid after reports that Elon Musk's firm cut more than 10% of its work force globally as the company grapples with dimming growth prospects amid an overall slowdown in the growth of electric-vehicle sales.
Cyclical sectors initially surged after a stronger-than-anticipated retail sales report, but gave back the gains when Treasury yields spiked, reflecting fears that the Federal Reserve would not be able to pivot to rate cuts because of the inflationary conditions.
An investment group dropped its long-shot bid to resurrect bankrupt trucker Yellow, ending an effort to unwind one of the biggest failures ever in the trucking business. Sarah Riggs Amico -- executive chair of specialized auto carrier Jack Cooper Transport who was leading the bid -- said the group formally withdrew its latest offer on Friday after failing to get engagement from Yellow as the trucker auctions off facilities and equipment in bankruptcy.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 15, 2024 17:43 ET (21:43 GMT)
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