HSC - Industrial stocks slump as investors eye soft economic data

2023-04-05 14:00:29 ET

A broad swath of industrial stocks declined on Wednesday as private-sector employment data offered another sign of economic slowing. The Industrial Select Sector SPDR Fund ETF slipped 1.4% by 1:40 p.m. ET to erase the gains of the past week.

ADP's measure of private employment showed that payrolls in March expanded by 145,000, less than the 200,000 estimated by Wall Street economists.

Wednesday’s industrial decliners included makers of machinery and building supplies:

Deere ( DE ) -6%

CNH International ( CNHI ) -6.2%

Shyft Group ( SHYF ) -6.6%

Harsco ( HSC ) -5.8%

Douglas Dynamics ( PLOW ) -5.7%

Cummins ( CMI ) -5.7%

Alamo Group ( ALG ) -5.6%

Ranpak Holdings ( PACK ) -4.7%

Federal Signal ( FSS ) -4.3%

Babcock & Wilcox ( BW ) -4.2%

JELD-WEN Holdings ( JELD ) -6%

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