Shares of industrial and transportation companies were flat as traders hedged their bets on the outlook for economic growth.

"After strong growth in the second half of 2023, the January data flow generally points to continued economic momentum in January," said analysts at brokerage Bank of America Securities. "The inflation outlook is mixed: we see downside risks to housing and used cars in coming months, but upside risks to growth could mean slower disinflation."

Swedish defense contractor Saab posted a forecast-beating rise in fourth-quarter earnings and raised its dividend as global defense spending continues to surge.

German industrial conglomerate Siemens reported an increase in fourth-quarter profit, topping Wall Street expectations, after earnings rose across most of its businesses in the first quarter of fiscal 2024.


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

(END) Dow Jones Newswires

02-09-24 1804ET