Shares of industrial and transportation companies fell after the Federal Reserve's minutes hinted there would be little respite from rising interest rates.
One money manager detected dovish undertones in the excerpts from the central bank's July meeting, however.
There was "a fear of hiking too much" and talk of "'slowing the pace' at some point," which could indicate the central bank is becoming less inclined to raise rates aggressively, said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.
Boeing shares fell amid continued concern about global demand, given signs of worsening economic conditions in China.
Railroads were more or less flat after a federal panel recommended a nominal wage increase of 22%, or a 24% compounded increase over a five-year term between 2020 and 2025, as it mediated between railroad and union requests.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-17-22 1645ET
