Shares of industrial and transportation companies slipped after weak data suggested rising interest rates have slowed demand.
The index for general business activity of the Texas Manufacturing Outlook Survey, a measure of factory activity in the Lone Star state, fell to minus-19.4 in October from minus-17.2 in September, the sixth consecutive month of declines.
The Chicago Business Barometer also indicated respondents to the survey perceived slowing activity.
Industrial conglomerate Emerson Electric agreed to sell the majority of its climate-technologies unit to investment firm Blackstone for about $14 billion including debt. Among other things, the deal constitutes a vote of confidence from Blackstone in the stability of industrial equity values.
Labor union the United Auto Workers is seeking federal permission to hold an election at a new battery plant in Ohio co-owned by General Motors.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-31-22 1635ET
