Futures fall, Boeing stocks fall after 737 crash

Traders work on the floor of the NYSE in New York
FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. March 17, 2022. REUTERS/Brendan McDermid

March 21, 2022

(Reuters) – US stock index futures slid on Monday as oil prices rose and investors weighed developments surrounding the Russia-Ukraine conflict, while Boeing shares fell after a 737 jet crashed in China.

Shares of the planemaker tumbled 7.8% in premarket trading after a China Eastern Airlines passenger plane carrying 132 people on board crashed in the mountains of southern China. There was initially no information about the cause of the crash.

Energy stocks rose, with Occidental Petroleum up 3.1% and tracking Brent crude above $111 a barrel as European Union countries consider joining the United States on a Russian oil embargo. [O/R]

Stock markets around the world opened the week on a bearish note as Ukraine defied a Russian demand that its armed forces lay down their arms in Mariupol before dawn on Monday. Meanwhile, the Kremlin said peace talks between Moscow and Kyiv have yet to yield a major breakthrough.

Hopes of an eventual peace deal coupled with a widely expected Federal Reserve rate hike had boosted market sentiment last week, with Wall Street’s three main indices posting their biggest weekly percentage gains since early November 2020.

Fed Chair Jerome Powell is set to speak at the National Association for Business Economics conference Monday at 12:00 p.m. ET (4:00 p.m. GMT), while other policymakers are scheduled to speak throughout the week after the US Central bank last set a restrictive rate hike path week.

Big bank shares were mixed, with Morgan Stanley down 0.8%. Aside from Tesla Inc, other megacap growth stocks slipped.

At 06:47 ET, the Dow e-minis were down 134 points, or 0.39%, the S&P 500 e-minis were down 9.25 points, or 0.21%, and the Nasdaq 100 e-minis were down 51 points, or 0. 35%

Nielsen Holdings plunged 17.3% after rejecting an unsolicited takeover proposal from a private equity consortium that valued the TV ratings company at $9.13 billion.

(Reported by Devik Jain in Bengaluru) Futures fall, Boeing stocks fall after 737 crash


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