Industrials Fall as Fitch Downgrades U.S. Debt -- Industrials Roundup

Shares of industrial and transportation companies fell amid economic concerns as Fitch Ratings downgraded the U.S.'s credit rating.

Fitch cited growing government debt, fiscal deterioration and eroding governance. The move marks the first downgrade of U.S. debt by Fitch since 2011.

In earnings news, BAE Systems raised its full-year forecast after reporting a strong first-half, reflecting record order books as governments spend more on defense.

DuPont de Nemours posted higher-than-expected sales and adjusted earnings per share in the second quarter but cut its adjusted EPS outlook for the year.

Smurfit Kappa Group said first-half pretax profit fell together with revenue as volumes declined, though it had market-share gains across many countries and is confident in future prospects.

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(END) Dow Jones Newswires

08-02-23 1714ET