Shares of industrial and transportation companies were slightly lower as traders pored through inflation data.
Strategists said the slowdown in the June consumer-price inflation gauge was not pronounced enough to change the Federal Reserve's July rate increase plan. "The Fed wants to make sure price pressures are fully extinguished to prevent embers from reigniting," said Brent Schutte, chief investment officer at mutual-fund firm Northwestern Mutual Wealth Management.
"Most importantly, they worry that wages remain elevated, which could result in inflation moving higher going forward."
French electronics and aerospace manufacturer Thales entered into exclusive negotiations to buy its local peer Cobham Aerospace Communications for an enterprise value of about $1.1 billion.
Shares of Daktronics jumped to a four-year high after the company, which makes electronic displays used for scoreboards and other applications, said it has resolved its previously issued going-concern warning.
Electric-vehicle maker Lucid Group shares plunged after its second-quarter deliveries lagged Wall Street expectations.
The Fed's Beige Book report revealed a slower pace of economic growth in most regions in the second quarter.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-12-23 1739ET
