Shares on industrials and transportation companies were broadly lower as the broader market pulled back to start the week.
President Trump announced a Minnesota company's plan to build a $15 billion steel mill in Iowa, as he looks to counter voter frustration with the economy ahead of the midterm elections. Trump unveiled the proposal Monday afternoon at the White House, joined by executives from Mesabi Metallics, which recently opened the first iron-ore mine in Minnesota in 50 years. Steelmaking at the Iowa plant could begin in 2030, according to a White House official, who said it could support more than 1,700 jobs.
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