The Dow Jones Industrial Average fell 0.4%; the S&P 500 index was down 0.1%; and the Nasdaq Composite lost 0.4%.
Technology and consumer discretionary stocks led the declines after last week’s strong rally. Mega-cap growth firms such as Alphabet Inc, Amazon.com, Microsoft Corp and Meta Platforms were down between 0.7% and 3.5%.
Boeing’s 5.7% drop weighed the most on the Dow Jones, after a China Eastern Airlines plane carrying 132 passengers crashed in the mountains of southern China.
China Eastern Airlines shares listed in the United States fell 8.2%. Parts suppliers Spirit AeroSystems Holdings Inc and Hexcel Corp fell 5.6% and 1.1%, respectively. Engine maker General Electric Co also fell 0.9%.
“The key is going to be getting the flight recorder, the black box, and from there determining what happened, but until then it’s shoot first, ask questions later, and right now Boeing stock is suffering.”said Thomas Hayes of Great Hill Capital in New York.
For its part, Crude oil prices rose more than 5% boosting energy stocks at a time when European Union countries are considering whether to join the United States in an oil embargo on Russia.
Source: Ambito
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