Boeing pre market share drop leads to a 0.46% Dow decline, indicating a terrible time for the airline segment.
- Bearish outlook for airline stocks
- FAA grounding effects 171 Boeing 737 Max 9 planes
U.S stock futures faces a difficult start to the week as Boeing issue put pressure and trader anticipate key inflation data with major bank earnings. The Dow and other indices grapple with the fallout from Boeing troubles.
Brent crude fell down $77 a barrel. European stocks followed decline in Asia. Contracts on the S&P 500 decrease 0.2% with Boeing recovery almost 10% after a fuselage section on a 737 Max 9 aircraft ejected during a flight past weekend.
In Europe German factory orders spike much lower than anticipated in November a discouraging sign for Europe mega economy data released on Monday.
The Dow jones Industrial Average experiences a 0.46% decrease to 37,546 primarily due to Boeing downturn. Nasdaq-100 and S&P 500 also register losses of 0.17% and o.18%.
The FAA directive 171 plans globally, follows alarming pictures from a destructive Alaska Airlines flight spreading on social media. This progress trigger an 8% fallout in Boeing Stock during early trading hours impacting the Dow.
The last week show a drop in the Dow and S&P 500, with lower performance from mega giants like Apple.The market is very cautious. Upcoming corporate earnings data from mega banks and companies are set to give market direction.
The current scenario shows a bearish short term outlook for airline stocks. Boeing setback is likely to cast a shadow over the sector, leading to a mega impact on market. The S&P 500 and Dow weakness, assist by Boeing drop down signal a cautious approach in the airline industry, close schooling in the coming days.
In the Treasury market yields hold slowly with little changes in 10 year and 2 year yield.s Investor stress on imminent economic data show. These data points will offer insight into inflation rates.
Key Events this week
Currencies
- The british pound changed at $1.2709
- The euro little changed at $1.0947
- The Bloomberg Dollar Spot Index little changed
- The Japanese yen spike 0.1% to 144.44 per dollar
- The offshore yuan down o.1%
Commodities
- Spot gol down 1.1% to $2,022.03 an ounce
- Brent crude fell 2.8% to $76.58 a barrel
Stocks
- The MSCI rising markets index down 0.7%
- S&) 500 futures down 0,.2%
- Nasdaq 100 futures down o.2%
- The MSCI Asia Pacific Index down 0.7%
Apple -0.40% is continuously down in 2024 for 4 session on Friday stock is fall to 5.9% this year. There are reports Justice Department is investigating the company and could file a sweeping antitrust case in the first six month of year stress on Apples strategies for protecting its iPhone business, Apple down 0.5% in pre market trading.
Tesla TSLA -0.18% down 0.8% after the Wall Street magazine publish an article saturday abou Elon Musk alleging hin using illegal drug as CEO of Tesla. Tesla and Musk did not comment on this article
