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An indicator of movements for industrial stocks on Friday fell for the ninth straight day to end the week at the lowest since November 2020.
The Industrial Select Sector SPDR ETF (NYSEARCA:XLI), whose holdings consist of large-cap industrial companies, fell -5% from a week earlier to close at $84.75 a share.
The weekly performance for the ETF’s top holdings was mostly negative, notably:
- Boeing (BA) declined -9% from last week to $131.26. The stock has lost -17% of its value in the past two weeks, and is down -37% for the year.
- Caterpillar (CAT) slumped -8.5% on the week to $164.24, and is down 21% for 2022 so far.
Industrial stocks were among the worst performers in a week that included another rate hike by the Federal Reserve. The central bank on Wednesday raised a key lending rate for the third straight time by 0.75 percentage point and indicated more increases are coming as inflation hovers at a 40-year high.
| Sep 16 | Sep 23 | Five-Day Change | ||
| Boeing (BA) | $144.29 | $131.26 | -9.0% | |
| Caterpillar (CAT) | $179.47 | $164.24 | -8.5% | |
| Dow Inc. (DOW) | $46.42 | $43.90 | -5.4% | |
| Honeywell International (HON) | $177.35 | $171.38 | -3.4% | |
| 3M (MMM) | $116.61 | $112.99 | -3.1% | |
| Deere (DE) | $354.50 | $334.22 | -5.7% | |
| General Electric (GE) | $66.39 | $64.55 | -2.8% | |
| Industrial Select Sector SPDR ETF (XLI) | $89.21 | $84.75 | -5.0% | |