Shares of industrial and transportation companies fell as a surprisingly strong jobs tally for May spurred rate-hike expectations.
U.S. employers added 172,000 workers in May, far beyond economists' expectations. Fed funds futures markets priced in a high likelihood of a rate hike in December.
Transportation companies were a rare bright spot as fears of a rate hike caused a flight from cyclical sectors, as railroads, freight-trucking firms and airlines gained due to the retreat in energy futures.
SpaceX's revenue could reach $3.4 trillion in 2040, according to a Morgan Stanley analysis shared with top investors Thursday.
Write to Rob Curran at rob.curran@dowjones.com
