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