Shares of industrial and transportation companies rose after a weak reading of inflation on the Federal Reserve's preferred gauge.
Economists said the Fed is unlikely to stray from its recent hawkish tone in the policy statement Wednesday, despite the favorable inflation data.
"The Fed is now reaching their estimate of the peak rate, but ... is unlikely to signal the end of the tightening cycle," said economists at brokerage Morgan Stanley, in a note to clients.
Tire maker Goodyear Tire & Rubber said it would cut about 500 jobs and warned that its fourth-quarter results would miss expectations amid a challenging environment and higher costs. Companies from a broad swath of sectors have made layoffs.
The seven companies that comprise the Adani Enterprises conglomerate in India, a group that includes diverse businesses from ports to defense contractors, have lost the equivalent of around $47 billion, or roughly one-quarter of their total, in market value since short-seller Hindenburg Research issued a report earlier this week, accusing the group of perpetrating a massive accounting fraud.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-27-23 1732ET
