Shares of industrial and transportation companies fell amid mixed signals on Federal Reserve policy prospects and earnings growth.
A robust January jobs report could motivate the central bank to extend its rate-hike campaign beyond what market participants currently anticipate.
Shares of Ford Motor fell sharply after the auto maker said continued supply-chain and internal issues weighed on fourth-quarter earnings.
In general, earnings reports are not as bad as investors had anticipated, said one strategist.
"You're prepared to hear companies talk about how terrible it is, and then they don't...they just say customers are being more careful, or say they're slowing down their spending," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
Companies who cut costs by planning layoffs are seeing stocks gain in the wake of the reports, Ms Krosby said.
"FedEx is a textbook example of that," said Ms Krosby.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-03-23 1708ET
