Shares of industrial and transportation companies fell after mixed earnings.
Boeing shares ticked up even after the aerospace giant said it planned to increase jet production this year, despite reporting a drop in fourth-quarter earnings and warning of ongoing supply-chain issues. Investors had anticipated weakness in fourth-quarter earnings and growth projections, said one strategist.
"Let's not forget, in the overall environment that we're in, corporate chieftains are going to be cautious, they're going to err on the side of caution and not overpromise," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
"In general, the worst of supply-chain issues are behind us and now it's all about, 'do we have a soft landing in the economy, and get by relatively unscathed?'"
Shares of railroad Norfolk Southern fell after the railroad's chief executive warned that inflation would take its toll on major manufacturing customers, and forecast 2023 revenue more or less flat with a year earlier.
A.P. Moeller Maersk and Mediterranean Shipping, the world's two largest freight shipping lines, discontinued a long-standing partnership in the latest fallout from a slowdown in global trade.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-25-23 1735ET
