Shares of industrial and transportation companies fell as tariff fears offset deal activity.
Pactiv Evergreen rallied after rival packaging maker Novolex, which is backed by investment firm Apollo Global Management, agreed to buy it for about $3.22 billion.
Canadian Prime Minister Justin Trudeau said Ottawa would retaliate with its own set of tariffs should U.S. President-elect Donald Trump follow through on his pledge to slap a 25% levy on imports from Canada. "Our greatest hope is that [Trump's pledge] is part of the game, part of the negotiation process," said J.D. Joyce, president of Houston financial advisory.
"It's hard to see how day one the tariffs are going to go out to the degree that's been mentioned."
Volkswagen workers began striking for the second time this month as employee representatives and management enter a fourth round of talks over deep cost-cutting measures at the car maker.
China's leaders signaled a more forceful policy approach to shoring up the economy as Beijing braces for trade tensions under the incoming Trump administration, employing language they haven't used since the depths of the global financial crisis. Inventories at merchant wholesalers rose 0.2% in October from a month earlier.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-09-24 1744ET
