Shares of industrial and transportation companies fell as traders backed off bets on a rapid economic recovery, in light of mixed services data.
Toyota Motor's decision to build a stockpile of chips for its cars paid off by lifting it above perennial top dog General Motors in the U.S. for the first time. Chip shortages have forced GM, Ford Motor and others to slow production.
German luxury-car maker Mercedes-Benz warned it expects the global semiconductor shortage to affect sales in the next two quarters, and noted that the supply squeeze restricted deliveries in the second quarter.
Trucker Knight-Swift Transportation Holdings agreed to buy less-than-truckload regional line AAA Cooper Transportation for about $1.35 billion, pushing into the fast-growing trucking niche that moves smaller shipments for retail and industrial customers.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-06-21 1705ET
