Shares of industrial and transportation companies ticked down as investors hedged their bets on the sustainability of an economic rebound, given a spike in Covid-19 cases in many parts of the U.S.
Aluminum maker Alcoa said job cuts and other cost reductions have helped trim losses stemming from lower aluminum prices as the pandemic weighed heavily on the industrial economy.
Caterpillar shares ticked up after analysts at brokerage Bank of America Securities boosted their rating on the maker of construction and mining machinery, citing a "better than feared" survey of machinery dealers.
Shares of Herc Holdings, a construction-machinery rental concern, also rose on the strength of Bank of America's rating boost.
Write to Rob Curran at rob.curran@dowjones.com
