Shares of industrial and transportation companies fell after minutes from the Federal Reserve’s latest meeting proved more hawkish than anticipated.
Cyclical sectors have swung wildly in recent sessions as traders try to establish the likelihood of the Fed’s policy or untamed inflation dragging the economy into recession.
“The inversion of the U.S. yield curve and a dramatic weakening in sentiment in Europe have raised concerns about the risk of recession in both regions,” said economists at brokerage BNP Paribas, in a note to clients.
The BNP strategists said the risks of a recession are higher in Europe, where a slowdown in growth is more likely. In the U.S., “while the economic data are likely to deteriorate, the economy should withstand the shock thanks to the healthy balance sheets of its private sector,” the BNP economists said.
Freight carrier Werner Enterprises is testing self-driving trucks on a route between Fort Worth and El Paso, Texas.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 06, 2022 16:27 ET (20:27 GMT)
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