Industrials Gain Ahead of Fed Meeting - Industrials Roundup

Shares of industrial and transportation companies rose amid deal activity and ahead of an anticipated rate cut from the Federal Reserve.

"That's the Superbowl" this week, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management, referring to the Fed meeting.

"This will have implications across the world, for everything from mortgages to credit cards to financing a new car," said Joyce.

Rexel shares rose after the electrical-supplies distributor rejected a $9.55 billion offer from QXO, the U.S. company led by billionaire entrepreneur Brad Jacobs, saying the bid was well below its value.

The New York Federal Reserve's Empire State business conditions index, a gauge of manufacturing activity in the state, jumped 16.2 points in September to 11.5, the first expansionary reading in almost a year.

A bankruptcy judge ruled that failed trucker Yellow couldn't escape its pension withdrawal liability, dealing a blow to other creditors and sending shares in the remnants of the business spiraling downward.

Boeing said it would freeze hiring and delay pay increases for its salaried workforce as the jet maker grapples with financial fallout from a strike launched by its largest union.

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

(END) Dow Jones Newswires

September 16, 2024 17:04 ET (21:04 GMT)

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