Shares of industrial and transportation companies sank amid concerns about the pace of the global economic recovery.
"We are at a pivot point: We are moving away from maximum policy accommodation, and at the same time, the V-shaped recovery is over and it poses some real questions about what is next," said David Donabedian, chief investment officer at CIBC Private Wealth.
The Justice Department is preparing to file a lawsuit challenging American Airlines Group's partnership with JetBlue Airways on antitrust grounds, The Wall Street Journal reported, citing people familiar with the matter. The lawsuit, which could come as soon as Tuesday, is expected to argue that the recently forged alliance threatens competition and higher fares, the people said.
FedEx on Monday said shipping rates would go up an average of 5.9% next year across most of its services, the first time in eight years that it or rival United Parcel Service has strayed above annual increases of 4.9%.
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(END) Dow Jones Newswires