Shares of industrial and transportation companies declined, as traders hedged their bets on the outlook for inflation and Federal Reserve policy.
Fears are growing that the sudden spike in oil, wheat and industrial metals prices caused by Russia's invasion of Ukraine will halt the global economic recovery in its tracks, bringing on a recession in a development reminiscent of 1970s "stagflation."
"Soaring oil prices will worsen the near-term global economic outlook, by both slowing growth and boosting already high inflation," said Ben Laidler, global markets strategist at digital investment firm eToro, in e-mailed commentary.
Industrial conglomerate Johnson Controls International is suspending its business in Russia in response to the attack on Ukraine, said Chief Executive George Oliver.
XPO Logistics plans to split its freight brokerage, European and intermodal businesses apart from its U.S. trucking operation, effectively dismantling the sprawling, multibillion-dollar freight and supply-chain operation that Chief Executive Bradley Jacobs built through a decade of acquisitions.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-08-22 1705ET
