Shares of industrial and transportation companies ticked up as traders hedged their bets on the outlook for interest rates.
"The [Fed] will likely skip a rate hike at its June meeting before re-engaging for a final hike in July," said strategists at brokerage BNP Paribas, in a note to clients.
The number of people who applied for U.S. unemployment benefits in early June jumped to a nearly two-year high of 261,000, largely due to layoffs in Ohio and California.
Sales of excavators made by companies including Deere, Caterpillar and CNH Industrial have risen sharply thanks to infrastructure projects and other construction sites.
North American sales of excavators rose 23% in 2022 to 41,320 machines and are set to rise further in 2023.
General Motors plans to invest more than $500 million in its Arlington, Texas assembly plant to make future internal combustion-engine, full-size SUVs.
GM shares rallied in late trading after the auto giant disclosed a joint venture with Tesla on electric-car charging stations.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-08-23 1713ET
