Shares of manufacturing and transportation companies ticked down as traders hedged their bets on the outlook for global growth.
One brokerage argued that the outlook remains relatively rosy. "While the US economy is inarguably late cycle, the promise of tax reform and infrastructure spend and an improving global backdrop [slightly decrease] the probability for a recession in the next 12 months," said analysts at brokerage Morgan Stanley, in a note to clients. "Combined, these elements have lowered the immediate risk of a boom-bust cycle."
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Proprietary "global growth and trade measures [are] at or near multi-year highs," according to the Morgan Stanley analysts.
Boeing shares declined after the aerospace company halted test flights of its new 737 Max jet, just days ahead of the first delivery.
Industrial conglomerate General Electric issued an 8 billion-euro bond on Wednesday, capitalizing on the sense of renewed stability in European currency and bond markets after the French election. It was the largest corporate euro bond issue in history.
Embattled Bombardier has come under increased shareholder pressure after Canada's largest pension plan joined two other major funds in opposing the re-election of Pierre Beaudoin, a member of the aerospace company's founding family, as executive chairman.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
May 10, 2017 16:27 ET (20:27 GMT)