Wall Street pointed lower before the opening bell today, according to the Associated Press, following its worst week since Halloween. Futures for the S&P 500 were unchanged, while futures for the Dow Jones Industrial Average lost 0.4%.
Shares in Boeing, Alaska Air Group, and Spirit AeroSystems tumbled as federal regulators grounded some Boeing 737 Max 9 aircraft after an unused exit door opening on an Alaska Airlines flight blew out after takeoff over Oregon this weekend. Investigators are focused on a door plug made by Spirit AeroSystems. Hours after the incident, the FAA ordered the grounding of 171 of the 218 Max 9s in operation, including all those used by Alaska Airlines and United Airlines, until they can be inspected.
United Airlines, the world’s biggest operator of Max 9s, grounded its entire fleet of Max 9s and is seeking to “clarify the inspection process and requirements for returning” them to service. The airline canceled 204 flights early today, or 7% of all planned departures. Its shares slipped 1.3%.
U.S. benchmark crude oil tumbled $2.63 to $71.88 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, lost $2.53 to $76.23 per barrel.
The U.S. dollar fell to 144.47 Japanese yen from 144.59 yen.
