Shares of industrial and transportation companies rallied as traders priced in a rate cut in the coming months.

Elon Musk said he's moving the headquarters of two of his companies, social-media concern X and aerospace giant SpaceX, to Texas from California, following in the footsteps of Tesla as the billionaire protests against identiy politics in the West Coast state.

In a good sign for factory costs, the U.S. import price index was flat in June, held down by drop in fuel import prices, the Labor Department said.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-16-24 1709ET