DJIA Falls Back to Previous Level Amid Flat Industrial Production

The Dow Jones Industrial Average (DJIA) fell back to its previous level of around 51,500 on Thursday, erasing Wednesday's rebound. The index had briefly touched 52,000 before declining.

Industrial production data for August was released, showing a flat growth rate against an expected increase of 0.3%. This is concerning, as the DJIA is named after this sector, which accounts for around half of its weight.

The four industrial companies in the DJIA - Caterpillar (CAT), Honeywell (HON), Boeing (BA), and 3M (MMM) - have not had a uniform year so far. Caterpillar's share price has risen by over 36%, while Boeing's is down around 7%.

Kansas City Fed President Schmid expressed support for the previous rate increase, citing strong inflation trends above 3%. The 10-year Treasury yield has returned to above 5%, influencing aircraft financing and corporate borrowing costs.