Dow Slams on Brakes While Boeing Careens Toward 8th Straight Decline
Boeing stock is careening toward a jaw-dropping eighth straight decline. | Source: STEPHEN BRASHEAR / GETTY IMAGES NORTH AMERICA / AFP
The Dow and broader U.S. stock market slammed on the brakes Thursday as Boeing headed for its eighth consecutive decline and China’s economy showed a further cooling trend. A delay in U.S.-China trade negotiations also raised the specter of a prolonged tariff war that would further undermine global economic health.
All of Wall Street’s major indexes traded mixed-to-lower through the morning, reflecting a tepid pre-market session for Dow futures. The Dow Jones Industrial Average declined by as much as 83 points before paring losses. It was last down 6 points, or 0.02%, at 25,696.65.
Boeing Co (BA), the Dow’s biggest component by weight, was down around 1% and on track for its eighth consecutive drop. The aerospace contractor is shedding market cap due to safety concerns of its 737 MAX 8 airliners. Dozens of countries have suspended Boeing 737s from flight, threatening $600 billion in back orders.
The broad S&P 500 Index of large-cap stocks slipped 0.1% to 2,809.27. On Wednesday, the S&P 500 approached five-month highs on better than expected manufacturing data.
By Thursday, seven of 11 S&P 500 sectors had reported declines. Materials shed 0.6% as a sector. Discretionary shares and industrials were off 0.4% apiece.
The Nasdaq Composite Index declined 0.2% to settle at 7,631.13.
After falling to its lowest levels of 2019,