Shares of industrial and transportation companies fell as traders sold out of cyclical sectors in a headlong flight from financial risk.
Investors are also recalibrating expectations for the passage of the budget reconciliation bill, said one brokerage. "After the collapse in negotiations on the Build Back Better Act, we now expect a fiscal package about half as large," said strategists at brokerage Bank of America Global Research, in a note to clients.
"Fiscal policy remains supportive for the economy, but the tailwind is fading."
European aerospace giant Airbus scrapped a $6 billion jet contract with Qatar Airways, part of an escalating legal battle between the two over paint on recently delivered A350 jets.
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(END) Dow Jones Newswires