Dow Jones Industrial Average futures fell sharply on Monday, amid concerns that heavily weighted Boeing Co. will drag the main index lower after the second deadly crash in six months involving one its planes.
How are major indexes faring?
- Dow Jones Industrial Average futures YMM9, -0.79% slid 185 points, or 0.7%, to 25,343, while
- S&P 500 futures ESM9, +0.02% were unchanged at 2,753.25.
- Nasdaq-100 futures NQM9, +0.12% gained 10 points, or 0.1%, to 7,067.75.
The Dow Jones Industrial Average DJIA, -0.09% logged its longest losing streak since June on Friday, bouncing off intraday lows to slide 22.99 points, or 0.1%, to 25,450.24. The S&P 500 index SPX, -0.21% shed 0.2%, to 2,743.07, its worst string of losses since November, and the Nasdaq Composite Index COMP, -0.18% dropped or 0.2%, to 7,408.14, marking its weakest stretch since April.
For the week, both the Dow and the S&P 500 fell 2.2% and the Nasdaq declined 2.5%.
Boeing has delivered about 350 of its best-selling 737 Max planes, with orders for more than 5,000, and the plane already in use by American Airlines Group Inc. AAL, -0.96% United Continental Holdings UAL, -0.25% and Southwest Airlines Co. LUV, -1.26%
Last week, Boeing Chief Executive Officer Dennis Muilenberg told an aviation conference that purchases of his company’s planes by China could be part of a trade deal being hammered out by the two countries, Reuters reported last week. U.S. and Chinese officials have cited progress for those trade talks, but investors are still waiting for news of hard details or a concrete deal.
What are analysts saying?
“Boeing stocks and more broadly airline stock will be in focus after the second deadly crash for Boeings new 737 Max 8 in just six months,” said Jasper Lawler, head of research at London Capital Group, in a note to clients. “This tragic incident will be a massive hurdle for Boeing to overcome.”