Shares of industrial and transportation companies rallied, and were set to test their highs of the year as traders grew more confident in the prospect of rate cuts.

Several high-profile candidates have turned down the chance to run Boeing, complicating the jet maker's search for a new leader amid discussions about whether the next CEO needs to be based near its Seattle-area factories.

The Department of Justice is again weighing prosecuting Boeing for fraud related to fatal crashes of its 737 MAX jet after it was deemed to have violated terms of its probation.

The New York Fed's Empire State business conditions index, a gauge of manufacturing activity in the state, rose 9.6 points in June but remained in contractionary territory at a negative 6 reading, the regional Fed bank said Monday.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

06-17-24 1701ET