Transports and Industrials Get Flogged after Surprise Drop in Factory Orders
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Industrial (NYSE: XLI) and transport stocks (NYSE: IYT) are both lower today, after new orders for factory goods fell in April for the third time in four months. Factory orders came in down 0.6 percent versus the consensus of 0.2 percent rise. The drop off was a little surprising to investors when compared to the durable goods orders for April which were reported two weeks ago.
iShares Dow Jones Transportation Average (NYSE: IYT) is down 1.82 percent. Industrial Select Sector SPDR is lower by 1.2 percent.
In the Transport sector, Union Pacific Corporation (NYSE: UNP) was lower by 1.75 percent. JB Hunt Transport Services Inc. (NASDAQ: JBHT) was lower by a similar amount, while UPS (NYSE: UPS) was flat and Fedex (NYSE: FDX) posted a modest gain.
iShares Dow Jones Transportation Average (NYSE: IYT) is down 1.82 percent. Industrial Select Sector SPDR is lower by 1.2 percent.
In the Transport sector, Union Pacific Corporation (NYSE: UNP) was lower by 1.75 percent. JB Hunt Transport Services Inc. (NASDAQ: JBHT) was lower by a similar amount, while UPS (NYSE: UPS) was flat and Fedex (NYSE: FDX) posted a modest gain.
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