Shares of machinery-related companies are trading lower as rising oil prices and stronger-than-expected inflation data have reinforced expectations that U.S. interest rates will remain elevated. Elevated borrowing costs could pressure capital spending and reduce demand for heavy equipment and other large industrial purchases.

Shares of machinery-related companies are trading lower as rising oil prices and stronger-than-expected inflation data have reinforced expectations that U.S. interest rates will remain elevated. Elevated borrowing costs could pressure capital spending and reduce demand for heavy equipment and other large industrial purchases.