Shares of industrial and transportation companies fell sharply after a chastening press conference from Federal Reserve Chairman Jerome Powell and mixed earnings.
Mr. Powell said it was unlikely that the rate-setting committe would be confident enough in a sustainable end to inflation by March for a rate cut.
In a bad sign for factory activity, Rockwell Automation shares plunged after the maker of manufacturing technology posted fiscal second-quarter sales short of Wall Street targets.
Rockwell cited lingering supply-chain issues for its slowdown, substantiating market trepidation about the impact of recent shipping disruptions on economic activity.
American businesses created just 107,000 new jobs in January, paycheck company ADP said, in another sign that hiring has slowed since last fall.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-31-24 1726ET
