BUZZ-US logistics firms rise after Powell signals possible rate cut
Shares of U.S. logistics firms, including trucking companies, rose following Federal Reserve Chair Jerome Powell's indication of a potential rate cut at the upcoming September meeting. Notable increases included J.B. Hunt (5.6%), Knight-Swift (6.1%), and Schneider National (4.4%). In the less-than-truckload segment, Old Dominion Freight Line (6.1%), Saia (8.1%), and XPO (6.7%) also saw gains. Truckmaker Paccar rose by 3.8%. The S&P Transportation Select Industry index is up 0.9% year-to-date, compared to an 8.3% rise in the S&P 500 index.
Shares of U.S. trucking firms rise after Federal Reserve Chair Jerome Powell points to a possible rate cut at the U.S. central bank’s September meeting
Among truckload companies, J.B. Hunt (JBHT.O) rises 5.6%, Knight-Swift (KNX.N) up 6.1% and Schneider National (SNDR.N) up 4.4%
In the less-than-truckload segment, Old Dominion Freight Line (ODFL.O) rises 6.1%, Saia (SAIA.O) up 8.1% and XPO (XPO.N) rises 6.7%
Higher rates had prompted logistic companies to pause their plans of expanding fleets
Shares of truckmaker Paccar (PCAR.O) also rise 3.8%
S&P Transportation Select Industry index (.SPXSTN) up 0.9% YTD, vs an 8.3% rise in benchmark S&P 500 (.SPX) index
