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Union Pacific (UNP) and United Parcel Service (UPS) were among the biggest weekly decliners among big-cap industrial stocks as the broader market experienced its worst week of 2023.
The Industrial Select Sector SPDR ETF (XLI), whose holdings include the largest companies in the manufacturing sector, slipped by less than 1% to partly reverse two straight weeks of gains. That performance was slightly better than the 1.1% decline for the Standard & Poor’s 500 stock index (SP500).
Federal Reserve governors in speeches this week highlighted their continued concerns about inflation and the possibility of more rate hikes.
Defense industry names advanced as investors sought out stocks that tend to hold up better during times of economic uncertainty. Northrop Grumman (NOC), Lockheed Martin (LMT) and Raytheon Technologies (RTX) rose the most among large-cap industrials.
Deere (DE) also rose as investors look ahead to the company’s quarterly earnings report next week.
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