Industrial shares posted small gains as manufacturing activity in the Philadelphia area expanded only slightly in June, slowing for a second month in a row.

The Federal Reserve Bank of Philadelphia's index for business activity was 1.3 in June, down from 4.5 in May. That was below expectations that the index would tick up to 5.0, according to economists polled by The Wall Street Journal.

Honeywell International has struck a roughly $2 billion deal to buy aerospace and defense technology company CAES Systems from private-equity firm Advent International.


Write to Patrick Sullivan at patrick.sullivan@wsj.com

(END) Dow Jones Newswires

06-20-24 1625ET