Deere ( NYSE: DE ) on Thursday fell as much as 3.9% -- which will be the biggest decline in more than six months if its stock price stays lower into the close of regular trading – as investors pondered recent data about the industrial sector.
The Industrial Select Sector SPDR ETF ( NYSEARCA: XLI ), whose holdings include the biggest companies in the manufacturing sector, was down for a second day in a row with a 1.4% decline. That added to Wednesday’s loss after a report showed industrial production fell more than expected in December, dropping by 0.7% from a month earlier.
Some of the biggest defense names held up well by comparison, with Lockheed Martin ( NYSE: LMT ) and Northrop Grumman ( NYSE: NOC ) little changed in regular trading. Boeing ( NYSE: BA ) and Raytheon Technologies ( NYSE: RTX ) also edged downward by less than 1%.
A decline in solar energy stocks weighed on manufacturers such as Generac ( NYSE: GNRC ), which makes backup generators and has expanded its solar business. Its stock fell as much as 8.1% intraday before trimming losses.
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Why did industrial stocks decline today? Weak production data weigh on shares