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General Electric (NYSE:GE) this week rose 7.1% for the biggest decline among large-cap industrial stocks. The Industrial Select Sector SPDR ETF (NYSEARCA:XLI), whose holdings include some of the largest U.S. companies in the sector, rose 0.9% for the week.
The gain contrasted with declines for the broader market. After hitting record highs, the Standard & Poor’s 500 stock index (SP500) and the Dow Industrials Average (DJI) this week ended in negative territory after multiple readings on inflation led investors to reconsider the timing of rate moves by the Federal Reserve. The Nasdaq Composite (COMP.IND) fell 1.3% on the week.
Wholesale prices rose faster than expected in January, a report showed Friday. It helped to confirm an inflationary signal in Tuesday’s report on consumer prices.
GE (GE) has posted gains every day this month except on February 6, and closed at a record on Friday. The company rose 3.3% on Wednesday as Thai Airways confirmed that it had ordered Boeing (NYSE:BA) widebody planes with engines made by GE Aerospace (GE). GE is due to split into two separately traded companies later this year.
Deere (NYSE:DE) fell the most this week among large-cap industrials. The maker of farming machinery on Wednesday fell 5.2% — the biggest single-day decline in 10 months – after the company disappointed investors with its full-year outlook. Management forecast net income of $7.5 billion to $7.75 billion for 2024, compared with the average estimate of $7.83 billion among Wall Street analysts.
Lockheed Martin (NYSE:LMT) edged downward this week. The defense contractor declined on Wednesday on a report that the Biden administration plans to order fewer F-35 fighter jets because of budgetary constraints.
Boeing (BA) this week fell 2.5% as the plane maker grapples with quality issues and stricter regulatory oversight following a midair emergency on an Alaska Airlines (NYSE:ALK) flight on January 5. Deliveries of commercial planes fell 29% from a year earlier in January.