Shares of industrial and transportation companies were more or less flat as traders hedged their bets ahead of the Federal Reserve conference in Jackson Hole, Wyo.

"Powell's reaction function to recent stagflationary data will be key," said strategists at brokerage Bank of America Global Research, in a note to clients. "Will he be spooked by jobs revisions or lean into the labor supply slowdown?"

Market hopes of a dovish tone may be dashed, the Bank of America strategists warned.

Activist investment firm Ancora Holdings told railroad operator CSX it should pursue a deal with a rival or replace its chief executive if it doesn't, and vowed to launch a proxy campaign if its appeal is ignored, according to a letter reviewed by The Wall Street Journal. CSX rivals Norfolk Southern and Union Pacific recently struck a merger deal that would create the first coast-to-coast freight railroad.

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

(END) Dow Jones Newswires

August 19, 2025 17:08 ET (21:08 GMT)

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