Honeywell International (NASDAQ:HON) this week fell 2% for the biggest decline among large-cap industrial stocks. Most of the loss came on Friday as stocks slipped after the Labor Department reported a slight decline in hiring in June.
Unemployment was near historic lows, while wages rose more than Wall Street’s economists had forecast. Investors took the report as a sign that the Federal Reserve will have to continue raising interest rates in an effort to quell inflation.
The Industrial Select Sector SPDR ETF (NYSEARCA:XLI), whose holdings include some of the largest U.S. companies in the sector, fell 1% during the holiday-shortened week.
The Dow Industrials Average (DJI) had its worst week since March, while the Standard & Poor’s 500 stock index (SP500) and the Nasdaq Composite (COMP.IND) also declined.
Company (Ticker) Weekly change, July 7 Honeywell International (HON) -2.0% General Electric (NYSE:GE) -1.4% Industrial Select Sector SPDR ETF (XLI) -1.0% Union Pacific (NYSE:UNP) -0.9% Raytheon Technologies (NYSE:RTX) -0.6% Automatic Data Processing (NASDAQ:ADP) -0.5% Lockheed Martin (NYSE:LMT) -0.4% Caterpillar (NYSE:CAT) -0.4% United Parcel Service (NYSE:UPS) 0.3% Boeing (NYSE:BA) 0.4% Deere (NYSE:DE) 0.9%