Shares of manufacturing and transportation companies were more or less flat as traders digested a generally positive earnings season. "Net sales surprises thus far for S&P 500 companies are the highest on record and 'earnings beats' the fourth best in the past six years," said analysts at brokerage Credit Suisse, in a research note.
One of the foundations for the rally in cyclical stocks--the prospect of pro-growth legislation--is rapidly eroding, according to one strategist. "The main takeaway from last week's political drama is that prospects for tax reform are growing less certain," said Bob Doll, chief investment strategist at money manager Nuveen Investments. "Given the lack of progress on health care legislation, it is difficult to forecast what might happen on the tax front."
Uniform supplier UniFirst promoted Chief Financial Officer Steven Sintros to serve as chief executive after longtime leader Ronald Croatti died unexpectedly in May.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
July 31, 2017 16:44 ET (20:44 GMT)