Shares of industrial and transportation companies rose amid generally strong earnings and factory data.
Northrop Grumman shares surged after the defense contractor posted brisk growth in second-quarter revenue amid rising demand at its Triton drone unit. RTX, the Northrop rival formerly known as Raytheon, has set aside $1.24 billion to resolve a series of government investigations into its business practices, including a bribery probe sparked by allegations of corrupt dealings with a member of Qatar's ruling royal family.
Carrier Global shares were flat as the air-conditioning giant trimmed its revenue projection despite posting quarterly operating earnings ahead of Wall Street targets. "Despite the recent market setback, we believe the U.S. earnings season -- which is still at a relatively early stage -- is likely to support confidence," said Solita Marcelli, chief investment officer Americas at money manager UBS Global Wealth Management, forecasting earnings growth of 10% to 12% for the quarter.
Shares of Lineage, a maker of cold-storage technology, rallied on their stock-market debut after pricing an initial-public offering at the higher end of its estimated range, raising $4.4 billion in the biggest IPO of the year so far.
Durable goods orders fell 6.6% in June, weighed down by the volatile aerospace category, the Commerce Department estimated. Excluding transportation sector, orders for goods designed to last three years or more -- such as fridges and cars -- rose 0.5% in June.
Ford Motor shares plunged after the auto maker reported tepid sales growth, echoing the fortunes of electric-car maker Tesla. Shares of Chrysler-owner Jeep Chrysler owner Stellantis and French auto giant Renault also tumbled in the wake of their earnings reports.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-25-24 1736ET
