Industrials Slip as Investors Weigh Data -- Industrials Roundup
|06/10/2021 | 05:09pm|
Shares of industrial and transportation companies fell as investors weighed concerns about inflation and supply shortages, among other risks, against optimism in the economic recovery.
Investors are seeking to determine whether an acceleration in inflation will fade away or prove long-lasting, potentially prompting the Federal Reserve to dial back efforts to stimulate the economy.
The U.S. budget deficit grew to a record $2.1 trillion during the first eight months of the fiscal year as spending continued to outpace tax receipts that are rising as the economy recovers from the damage inflicted by the Covid-19 pandemic.
Discussions intensified among a group of centrist-leaning Senate Republicans and Democrats trying to strike a deal on an infrastructure package that could spend up to $900 billion over five years, according to people familiar with the talks.
In corporate news, United Airlines has started a corporate venture-capital fund that will invest in emerging companies related to travel. United Airlines Ventures will focus on sustainability concepts that support the company's goal of net-zero emissions by 2050, United said.
Toshiba worked closely with Japanese government officials to block foreign-based shareholders from exercising their rights, using inappropriate threats and language such as "beat them up," a company-commissioned report found. Toshiba management sought to prevent the commissioning of the report, which was written by three Japanese law firms, but shareholders voted in March to go ahead with it.
Waymo, Google parent Alphabet's self-driving vehicle unit, is working with trucker J.B. Hunt Transport Services to autonomously move freight in Texas.
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(END) Dow Jones Newswires