Shares of industrial and transportation companies rose after muted inflation data.

German auto giant Volkswagen cut its sales and profitability projections for the year, joining a growing list of European rivals in lowering their targets as the industry faces an increasingly bumpy transition to electric vehicles. The German car maker said it now expects sales of roughly $357.68 billion in 2024, down slightly from a year earlier.

In another sign that the transition to electric cars is slowing, U.S. Vice President Kamala Harris appears to have backed off plans for mandatory electric transition targets, The Wall Street Journal reported.

The reported sinking of a Chinese nuclear-powered submarine at a Wuhan, China, shipyard highlights the difficulties Beijing faces in building an advanced oceangoing navy that can challenge U.S. maritime power.