Shares of industrial and transportation companies continued to move lower.
Economically sensitive stocks, like those of transportation and small-cap companies, are trailing the broader market, reflecting growing investor concern about a potential recession. The Dow Jones Transportation Average has underperformed the Dow Jones Industrial Average by about 8.3 percentage points since early February.
The Philadelphia Fed said its gauge of regional business activity slumped to negative 31.3 in April from negative 23.2 in the prior month. Any reading below zero indicates deteriorating conditions. This is the eighth-straight reading below zero and the 10th in the last 11 months.
SpaceX's Starship exploded a few minutes after successfully lifting off on an uncrewed test flight Thursday morning, abruptly ending the inaugural flight of a vehicle that Elon Musk wants to use for pioneering deep-space missions.
Australia's competition watchdog will oppose Qantas Airways' proposed acquisition of regional carrier Alliance Aviation Services, saying it would significantly reduce competition in services to the country's resources industries.
Union Pacific reported lower operating income as softening volumes from customers, higher costs from weather interruptions in California, and inflation kept profits muted in the most recent quarter.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
04-20-23 1745ET
