Shares of industrial and transportation companies fell as fears of another global wave of inflation weighed on factory operators.
Caterpillar shares fell by more than 4% and are now more than 10% from their recent highs.
The aerospace sub-sector was particularly hard hit, amid fears that airlines would be pressured by a spike in fuel prices. Boeing and GE Aerospace both slid.
"U.S. industrial policy has become a structural force shaping equity outcomes, providing momentum and capital support for companies aligned with government priorities while simultaneously introducing execution, regulatory, and political risks that can affect even policy?favored firms," said strategists at brokerage Jefferies.
The number of people who filed for unemployment benefits was 213,000 in the week through Feb. 28, in-line with the 213,000 reported a week earlier, the Labor Department said.
Chinese electric-car maker BYD released a new EV battery that can be fully charged in nine minutes, an effort to address slowing demand and falling market share in the world's largest auto market.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-05-26 1742ET
