Boeing fell more than 5 percent, adding to steep losses from Monday’s session. Boeing fell after Edward Jones downgraded the stock to hold from buy, citing a possible “delay in orders” after two 737 MAX jets crashed in less than 6 months. The accident led several countries, including the U.K., China and Indonesia, to ground all flights involving that airplane model.
The broader stock market traded higher, however, after the release of key inflation data.
The U.S. consumer price index rose 0.2 percent in February, matching expectations. The so-called core CPI, which strips out food and energy, fell short of estimates by gaining just 0.1 percent.
The Federal Reserve indicated earlier this year it would be “patient” in raising rates, fueling a market rally to start 2019. The S&P 500 is up 11 percent through Monday’s close, while the Dow has gained nearly 10 percent.
Stocks rose on Monday as strong gains in tech firms like Apple and Facebook offset a steep decline in Boeing. Better-than-expected January U.S. retail sales numbers also gave a boost to confidence, after a raft of weak December data.
Monday’s moves came after U.S. major indexes posted their worst weekly performances of 2019 amid growing concerns of a possible economic slowdown around the world.
