Dow Jones leads U.S. stock market lower on Monday.
U.S. stocks finished mixed on Monday, with the Dow lagging the broader market after analysts downgraded their outlook on Boeing Co, the index’s largest component.
The Dow Jones Industrial Average (NYSEARCA:DIA) declined 83.97 points, or 0.3%, to settle at 26,341.92.
The broad S&P 500 Index (NYSEARCA:SPY) drifted between gains and losses before settling slightly higher. The index closed on a gain of 0.1% to 2,895.77. Information technology and consumer staples were the biggest gainers.
Meanwhile, the technology-focused Nasdaq Composite Index (NYSEARCA:QQQ) closed up 0.2% at 7,953.88.
A measure of implied volatility known as the CBOE VIX (NYSEARCA;VXX) peaked at 13.77, still well below the historic average but much higher than last week’s low. VIX, commonly known as the “fear index,” settled at 13.15, having gained 2.6%.
Shares of Boeing Co (BA), the Dow’s largest component by weight, plunged anew on Monday after analysts at Bank of America downgraded their rating of the stock. The downgrade was prompted by Boeing’s earlier announcement that it was scaling back production of its 737 MAX 8 jets over safety concerns.
In economic data, U.S. factory orders declined in February, adding to growing concerns about a broad manufacturing slowdown in the world’s largest economy. Factory orders fell 0.5% compared with January after flat-lining the month before, the Department of Commerce reported Monday.
The Final Word: Corporate earnings are back in the spotlight this week with the likes of JPMorgan and Wells Fargo set to report. For the first time since 2016, S&P 500 companies are forecast to report a year-over-year decline in earnings.