• Shares of industrial and transportation companies rose slightly after strong economic data
  • U.S. industrial production rose 0.3% in September, according to the Federal Reserve
  • Optimism about upcoming earnings from the industrial sector
  • One money manager believes the “earnings recession” is over
  • UBS Global Wealth Management cuts its S&P 500 2024 forecast due to a higher-for-longer rate environment and slowing economic growth

Shares of industrial and transportation companies saw a slight increase following the release of strong economic data. The Federal Reserve reported a 0.3% rise in U.S. industrial production for September, which has sparked optimism about the upcoming earnings from the sector. One money manager believes that the “earnings recession” is over, signaling positive prospects for the industrial market. However, UBS Global Wealth Management has cut its S&P 500 2024 forecast due to concerns about a higher-for-longer rate environment and potential slowing economic growth in the coming months.