MARKET SNAPSHOT: Stock Market Poised For Tepid Rise, But Dow Remains Under Pressure Amid Boeing 737 8 Woes
13 März 2019 - 12:33PM
Dow Jones News
By Mark DeCambre, MarketWatch
Rite Aid shares rally following planned CEO departure
Futures for the Dow were facing pressure for a third straight
session amid Boeing's 737 Max 8 problems, but S&P 500 and
Nasdaq edged marginally higher, despite persistent global growth
concerns tied to the U.K.'s exit from the European Union and
proliferating signs of slowing global growth.
How did major indexes fare?
Dow Jones Industrial Average futures were trading little changed
at 25,584, while those for the S&P 500 index added 4.15 points,
or 0.2%, to 2,796.25. Nasdaq-100 futures advanced 9.25 points, or
0.1%, at 7,243.50.
On Tuesday, the Dow lost 96.22 points, or 0.4%, to end at
25,554.66. The S&P 500 rose 8.22 points, or 0.3%, to finish at
2,791.52 as health care and utilities stocks led gains, while the
Nasdaq Composite Index rose 32.97 points, or 0.4%, to finish at
7,591.03.
Read:Why a bout of small-cap carnage could be a red flag for
stock-market bulls
(http://www.marketwatch.com/story/why-a-bout-of-small-cap-carnage-could-be-a-red-flag-for-stock-market-bulls-2019-03-11)
What drove the market?
British lawmakers rejected Prime Minister Theresa May's revised
Brexit deal in a 242-391 vote and now are looking at a second vote
to on whether an exit without a pact with Europe's trade bloc can
be taken off the table before a March 29 deadline.
A so-called hard-Brexit scenario has stoked volatility in
Britain's currency and has the potential to unsettle domestic
markets, experts say.
Meanwhile, concerns around growth in the U.S. continued after
new inflation data published on Tuesday came in weaker than
expected, adding to a disappointing jobs report on Friday.
Despite those worries, and no fresh news on Sino-America trade
developments, stocks have mostly climbed on the back of strong
gains in the technology sector.
However, the persistent headwinds from Boeing Co. (BA),
embattled by a set of tragedies involving its 737 Max 8 jets, have
weighed on the Dow, where the aviation and defense firm is a
component.
Meanwhile, concerns around growth in the U.S. continued after
new inflation data published on Tuesday came in weaker than
expected, adding to disappointing payroll data last week.
What are strategists saying?
David Madden market analyst at CMC Markets UK, said the
investment climate is "gloomy this morning as Brexit still hangs
over the markets. Theresa May's withdrawal agreement was voted down
yesterday, which wasn't a huge surprise," in a Wednesday research
report.
Which stocks are in focus?
Boeing shares were down about 1% in premarket trade as the
world-wide groundings of its 737 Max 8 jets buffeted the company's
shares for a third straight day.
Shares of Rite Aid Corp.(RAD) were in focus after the drugstore
chain's CEO John Standley said he would step down. Shares were up
17.2% in premarket trading.
(END) Dow Jones Newswires
March 13, 2019 07:18 ET (11:18 GMT)
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