- Boeing is set to tumble again when markets open in New York on
Tuesday. The stock is down 1.8%, or about $4.1 billion, in
- Australia and Singapore became the latest to suspend use of all
Boeing 737 Max planes. Mexican, Brazilian and Argentine carriers
also grounded aircraft.
- The stock decline in premarket trading is chipping into gains
in Dow futures, which are mainly flat.
Boeing is set to tumble again in New York trading when markets
open on Tuesday, following a 5.3% plunge on Monday, after Australia
and Singapore became the latest to suspend use of all Boeing 737
Boeing’s stock is down 1.8% in premarket trading, equivalent to
a drop of about $4.1 billion from Boeing’s market
Mexican, Brazilian and Argentine carriers also said they will
ground Boeing 737 Max planes,
the Wall Street Journal reported. The countries follow
China in grounding the jets after the crash of Ethiopian
Airlines Flight 302 on Sunday, which killed all 157 people on
The WSJ said that some 40% of all the 737 Max planes that Boeing
has delivered since May 2017 are now suspended from flying.
“Several airlines and regulators have grounded the Max 8 model,
but Australia and Singapore are understood to be the first
countries to ban planes from across Boeing’s Max fleet,”
the Guardian wrote on Tuesday.
The stock decline in premarket trading is chipping into gains in
Dow futures, which are mainly flat as of 8:54 a.m. in London (4.54
a.m. in New York). S&P 500 and Nasdaq futures are up about
The crash has prompted some countries and airlines to halt their
fleets while Boeing investigates whether there’s a link between
Ethiopia’s disaster and the crash of Lion Air Flight 610,
into the Java Sea 12 minutes after takeoff in October.
A Boeing representative told Business Insider in an email
earlier this week that a Boeing technical team would be traveling
to the crash site in Ethiopia to provide technical assistance with
the investigation. The Lion Air crash is still being investigated
Graham Rapier contributed to this report.
Source: FS – All – Economy – News
Boeing stock is set to plunge again after Australia joins Singapore in suspending 737 Max flights (BOEING)