An indicator of movements for industrial stocks on Friday fell for the fourth straight day to end the week at a two-month low.
The Industrial Select Sector SPDR ETF (NYSEARCA:XLI), whose holdings consist of large-cap industrial companies, fell 6.4% from a week earlier to close at $89.21 a share. The closing price was the lowest since July 19.
The weekly performance for the ETF’s top holdings was mostly negative.
Honeywell International (HON) slipped -7.5% on the week to $177.35.
Aerospace and defense giant Boeing (BA) declined -8.4% from last week to $144.29.
Chemical maker Dow Inc. (DOW) slid -8.1% from a week earlier to $46.42 a share.
General Electric (GE) lost -8.3% from a week earlier to close at $66.39 a share.
3M (MMM) touched on Friday touched a new 2 1/2-year low of $114.11, but rose to trim its weekly loss to -5.3%.
Industrial stocks were among the worst performers in a week that included an inflation report that was greater than expected. The Consumer Price Index hit 8.3% in August, compared with a consensus forecast for 8.1% and a rate of 8.5% a month earlier.
The higher number bolsters the argument for the Federal Reserve to keep raising interest rates. Industrial stocks also got a shock after delivery giant FedEx on Thursday warned investors about its revenue.
| Closing prices | Sep 9 | Sep 16 | Five-Day Change | |
| Boeing (BA) | $157.52 | $144.29 | -8.4% | |
| Caterpillar (CAT) | $189.49 | $179.47 | -5.3% | |
| Dow Inc. (DOW) | $50.51 | $46.42 | -8.1% | |
| Honeywell International (HON) | $191.69 | $177.35 | -7.5% | |
| 3M (MMM) | $123.10 | $116.61 | -5.3% | |
| Deere (DE) | $372.25 | $354.50 | -4.8% | |
| General Electric (GE) | $74.33 | $66.39 | -10.7% | |
| Industrial Select Sector SPDR ETF (XLI) | $95.29 | $89.21 | -6.4% | |
Image and article originally from seekingalpha.com. Read the original article here.