Global economy slowdown play in evidence today:
FedEx (FDX) infection spreads in Transports-yesterday much of the weakness was in FDX alone, today that is different--FDX down 13% this week, more importantly stocks related to FDX that were not down yesterday are seeing selling today: GATX (GMT) and Landstar (LSTR) are good examples...these play in the rail/truckload/intermodal/shipping space.
Multi-industry companies--companies that manufacture many different products (electrical, machinery, tools, motors, air conditioning, etc.), that sell to many different businesses businesses across many countries--are down one to two percent: ABB (ABB), Parker Hannifin (PH), WESCO (WCC), Ingersoll Rand (IR), Regal-Beloit (RBC), Textron (TXT).
In addition, large global industrials in specific spaces are also weak: Cummins (CMI) and Goodyear (GT) (trucks and tires), Flowserve (FLS) (pumps), Fastenal (FAST) (bolts, fasteners), and Tyco (TYC)(locks, alarms).