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Industrial shares took a beating on Wall Street

» Updated: 16 July 2024, 15:00

» Published: 03 June 2024

Industrial shares took a beating on Wall Street
Photo: Peter Morgan/AP/TT

Companies sensitive to the business cycle took hard hits on the first trading day in June, after a report on US production showed negative numbers.

The impact was clearly visible on the Dow Jones industrial index, which fell 0.3 percent. A late surge pushed the broad S&P 500 index up 0.1 percent, and lifted the Nasdaq composite index 0.6 percent.

Among the winners, notable mentions include semiconductor giant Nvidia, up 4.9 percent.

Among the sectors that fell, notable mentions include energy, manufacturing, and bank stocks. Energy company Chevron fell 3.0 percent, bank Goldman Sachs 0.3 percent, and construction equipment manufacturer Caterpillar 2.1 percent.

The purchasing managers' index for the manufacturing industry in May came in at 48.7, according to ISM Institute figures. This was a lower number than the market had expected.

An index level below 50 indicates decreased activity in the sector and sends ominous signals about the business cycle.

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By TTThis article has been altered and translated by Sweden Herald

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