- The Dow Jones Industrial Average was lower as Boeing (BA) fell after the U.K., Singapore and Australia joined other countries grounding the company's 737 MAX 8 after the plane model's second fatal crash in six months.
- Stitch Fix (SFIX) jumped after the subscription fashion service topped analysts' earnings and sales forecast in its fiscal second quarter, and issued a strong third-quarter outlook. Shares rose 25.8% to $33.96.
Wall Street Overview
Stocks were mixed Tuesday as the three major stock indexes weighed concerns over Boeing (BA) following the second fatal crash of the planemaker's 737 MAX 8 aircraft in six months.
Shares of Boeing were down 4.98% to $380.08.
The Dow Jones Industrial Average fell nearly 100 points, or 0.39%, to 25,551.18, while the S&P 500 rose 0.24% and the Nasdaq was up 0.28%.
The United Kingdom, Singapore and Australia have joined China and other countries in banning the Boeing 737 MAX 8 from entering and leaving their airports after the aircraft model crashed for the second time since October.
Nearly 40% of the in-service fleet of 371 Boeing 737 MAX jets globally has been grounded, according to industry publication Flightglobal, including 97 jets in China, the biggest market, Reuters reported. U.S. Sens. Dianne Feinstein and Richard Blumenthal called for all Boeing planes of the 737 MAX 8 series to be grounded until the aircraft's safety could be ensured.
Consumer prices in the U.S. rose 0.2% in February, driven by increases in costs for food, shelter and gasoline, the Labor Department's Bureau of Labor Statistics said. Economists had estimated a 0.2% increase for the month, and 1.6% over the past year. Excluding food and energy items, whose prices can be volatile, the consumer price index rose by 0.1%, a slowdown from January's 0.2% increase. Economists had projected a 0.2% increase for February.
"It is a little worrying that headline inflation dropped to a level not seen in over two years," said David Madden, a market analyst at CMC Markets UK. "The slip in core CPI also suggests that underlying demand is weakening too. These figures must be taken in the context of last week's jobs report, whereby average earnings edged up to 3.4% ,and it is clear that American workers are getting a nice increase in real wages."
Britain and the European Union announced they had agreed to changes in their Brexit deal ahead a vote in the U.K. Parliament on the fate of the divorce agreement. Theresa May said new documents to be added to the deal provided "legally binding changes" to the part relating to the Irish border, the biggest roadblock to the Brexit divorce deal.
Tesla (TSLA) CEO Elon Musk argued in a court filing late Monday that he didn't violate his settlement with the Securities and Exchange Commission and shouldn't be held in contempt for a questionable tweet he made in February.
In a filing with a federal court in New York, Musk argued that the Feb. 19 tweet "only repeated publicly disclosed information, and was a reflection of my pride in Tesla's success and its future. I did not believe that it contained, or reasonably could contain, any information material to Tesla or its shareholders."
Meanwhile, Morgan Stanley cut its price target on shares of the electric carmaker, citing ongoing concerns about its ability to continue to generate sales momentum.
Tesla shares fell 2.91% to $282.46 on Tuesday.
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https://www.thestreet.com/investing/stocks-mixed-on-boeing-woes-14893743
2019-03-12 15:37:00Z
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