Industrial companies traded broadly lower on continued worries that stubborn inflation would force Federal Reserve officials to keep interest rates higher for longer.

Alstom is expected to raise about 1 billion euros ($1.08 billion) in share capital as it works to reduce its debt levels. The French train maker said that under its rights issue, shareholders are entitled to receive one preferential subscription right, with five rights enabling holders to subscribe for one new share, at a subscription price of EUR13 per new share.

Boeing secured a $7.5 billion umbrella deal from the Pentagon running through 2030, enough for around 115,000 of the guidance systems. Yet the Pentagon's fiscal 2025 budget allocates only $200 million for around 3,000 JDAMS. That implies export sales of around 100,000 for the system, which has been employed by Israel and Ukraine.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

05-28-24 1703ET