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Home / Business / Stocks Edge Lower; Boeing Stock weighs on Dow Jones, Snap Stock Soars

Stocks Edge Lower; Boeing Stock weighs on Dow Jones, Snap Stock Soars



Stocks opened lower Monday with Boeing (BA) stock roads at Dow Jones today.

Boeing shares were down 4%, hurt by the news late Friday that the Dow Jones space giant is cutting 737 maximum output by nearly 20%, from 52 aircraft a month down to 42 from mid-April. Bank of America Merrill Lynch downgraded the Boeing stock to neutral from buying and lowering its price target to 420 from 480. American Airlines (AAL) said on Sunday that it would extend the basis of its 737 Max fleet through at least June 5.




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Snap (SNAP) stock, which has been outraged by the December decline, was another 5% to 12.45 on Monday. Shares received help from an upgrading from RBC Capital to the top and a raised price target to 17.

Shares Tilt Lower

Dow Jones fell 0.6% just after the opening clock, mainly due to the Boeing stock. Nasdaq and S & P 500 slid 0.4%. Dow Jones Stock Procter & Gamble (PG) climbed 0.8% to 104.50, helped by an upgrade from Wells Fargo to surpass. Wells Fargo also increased its price target on P&G to 115.

On Friday, Nasdaq had a solid week, up 2.7%. It closes quickly at its all-time high of 8133 seen in late August. The Russell 2000 Small Capital Index showed bullish activity Friday, rising 1% and regaining its 200-day moving average. A move over the 200-day line brings a breakout over 1600 into the picture.

In other news, shares in General Electric (GE) stock fell 7% in early trading after JPMorgan downgraded stocks to underweight from neutral. Mediation also lowered its price target of GE to 5 from 6.

Roku (ROKU) became another major decliner Monday, falling 7% after a Citigroup downgrade to sell from neutral. Stocks dropped 6% on Thursday after Guggenheim downgraded shares to neutral from purchases. The analyst quoted a competitive threat from Apple (AAPL), which recently announced details of its new video streaming service.

Upcoming Results

First quarter results season kicks off this week. Delta Air Lines (DAL) reports Wednesday after the trip. Stocks jumped almost 12% last week after the company increased its first quarter guidance. A pair of high-profile finance stocks are set to report Friday, including JPMorgan (JPM), First Republic Bank (FRC) and Wells Fargo (WFC).

Financial Select Sector SPDR ETF (XLF) edged lower right after the opening bell. The listed fund has been resisting at its 200-day moving average as it attempts to break out of a slump.

In economic news, the protocols of the Federal Reserve meeting in March due to the release are Wednesday at 14.00. ET. The consumer price indices are also due on Wednesday with the latest reading on wholesale inflation out on Thursday.

The 10-year return increased by 1 basis point to 2.50%, while US crude futures increased by 1% to $ 63.69 per barrel.

For further market insight, Ken Shreve follows on Twitter @IBD_KShreve

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