Shares of industrial and transportation companies slid as Treasury yields rebounded in the wake of surprisingly strong economic data.

S&P's U.S. manufacturing purchasing managers index rose to 50.9 in May, suggesting a pick-up in factory activity.

New weekly jobless claims held near historic lows, falling to 215,000.

Cyclical sectors had flown high in recent weeks because of a growing belief that the Federal Reserve would cut interest rates in response to a slowing of economic growth and a disinflationary trend.

Chemicals and materials giant DuPont unveiled plans to split into three separate public companies, following in the recent footsteps of U.S. corporate bellwethers such as the former General Electric and Kellogg.

A month after aerospace giant Boeing warned it had burned through nearly $4 billion in the year's first quarter, Finance Chief Brian West warned investors Thursday that the company is on track for a similar or worse hit this period.

Freight railroad Norfolk Southern agreed to pay hundreds of millions of dollars to resolve the federal government's investigation into the February 2023 train derailment in East Palestine, Ohio.

The Federal Reserve Bank of Kansas City said Thursday that the Tenth District manufacturing survey's composite index improved to minus two in May from minus eight in April, with the gauge of production over the last month rising considerably.

Write to Rob Curran at

(END) Dow Jones Newswires

05-23-24 1706ET