Shares of industrial and transportation companies fell amid fears that the latest Federal Reserve rate hike would worsen the global economic outlook.
U.S. trade with the rest of the world increased in March, lifted by higher demand for energy and automobiles, according to the Commerce Department.
SigmaTron International shares rallied after the electronics-manufacturing concern agreed to sell the majority of its Wagz unit to rival Vynetic.
In another good sign for U.S. industrial activity, Berry Global shares rallied after the maker of plastic packaging reiterated its 2023 earnings target despite posting a drop in fiscal second-quarter sales, due to lower demand and prices.
Shares of multinational exporters such as Caterpillar and Boeing fell after the European Central Bank raised rates, and its president, Christine Lagarde, said she wasn't ready to pause hikes at current levels of inflation.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-04-23 1748ET
