Shares of industrial and transportation companies rallied, as the Senate's passage of President Trump's tax-and-spending bill caused a surge in economically cyclical stocks.
The Dow Jones Transportation Average rose by almost 3% after the Senate voted to advance the "Big Beautiful Bill," with gains for FedEx and United Parcel Service.
New-vehicle retail sales likely declined in June, judging by reports of depleted customer purchases from some of the largest auto makers, including General Motors, Ford Motor and Toyota Motor.
In a sign that factory activity remains sluggish, the Institute for Supply Management said its purchasing managers' index of manufacturing activity rose to 49.0 in June from 48.5 in May, still below the 50 threshold that marks expansion.
Boeing has named Stephen Parker president and chief executive of its defense, space and security business, removing the interim tag he has carried since last September. Separately, Boeing Chief Financial Officer Brian West stepped down after a tumultuous four years for the jet maker.
French auto maker Renault said it would take a roughly $11 billion charge on its stake in Nissan after changing the way it accounts for its shares in the Japanese car maker.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-01-25 1834ET
