Honeywell Technologies Drops as Warsh's Rate Hike Warning Hits Industrial Sector

Honeywell Technologies (HON) closed at $217.43 on August 28, down 1.34% due to Federal Reserve Chair Kevin Warsh's comments on inflation and potential rate hikes.

Warsh's statement sent industrial companies into a tailspin as they are acutely sensitive to financing costs.

Honeywell Technologies is a fundamentally different company from its predecessor, having spun off Quantinuum, the trapped-ion quantum computing subsidiary, in June.

The company has three remaining segments: Building Automation, Industrial Automation, and Energy and Sustainability Solutions, which are software-intensive and digitally-led businesses with secular demand rather than cyclical hardware volume.