Shares of industrial and transportation companies fell as traders braced for the economic and financial-market fallout from a possible debt default.

The debt ceiling is one of three issues driving market action, and the one that's likely to be the most short-term in impact, said one strategist.

Investors are weighing the "question of Fed policy and consequently the timing and depth of an eventual recession," said Oliver Pursche, senior vice president at financial advisory Wealthspire. "And two....what are corporate earnings going to do?"

Recent advances in artificial-intelligence could improve productivity in a wide range of industries, and thus boost profit margins, Pursche said.

Corning shares rallied after the maker of glass for digital screens and other uses hiked prices on glass used for televisions and other displays by 20%.

Aerospace firm Rocket Lab USA is looking to purchase equipment from Richard Branson's recently bankrupted satellite-launching concern Virgin Orbit.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

05-24-23 1707ET