Maxiphoto
Boeing (NYSE:BA) fell the most among the biggest U.S. industrial companies in a turbulent week for U.S. stocks.
The Industrial Select Sector SPDR ETF (NYSEARCA:XLI), whose holdings include some of the largest U.S. companies in the sector, slipped by 2.2% for the week.
The performance mirrored the moves of other benchmarks, with the Standard & Poor’s 500 stock index (SP500) losing 1.5%, the Dow Industrials Average (DJI) falling 2.4% and the Nasdaq Composite (COMP:IND) sliding by 1.6%.
Consumer prices in March rose much faster than expected, according to a report released on Wednesday. The data led investors to consider how stubbornly high inflation will prevent the Federal Reserve from cutting borrowing costs soon.
Geopolitical tensions in the Middle East pushed up oil prices. Iran threatened to retaliate against Israel for an attack last week in Syria. (Iran followed through on the threat by launching hundreds of drones and missiles on Saturday toward Israel, whose air defenses shot down most of them.)
The yield on the 10-year Treasury note on Friday rose to 4.499% from 4.377% a week earlier.
Gold futures advanced 1.3% for the week to hit a new record on Friday.
Boeing (BA) fell 7.4% for the week to extend its year-to-date loss to 35% while also touching a 52-week low on Friday.
The aerospace and defense company on Tuesday reported its lowest quarterly deliveries of commercial airplanes since mid-2021. The quarterly total of 83 planes included 66 of its best-selling 737 narrowbody jet.
The U.S. Federal Aviation Administration in January imposed a cap on Boeing’s (BA) production of the 737 Max after a door plug blew out on a plane operated by Alaska Airlines (ALK). The agency restricted output to 38 jets a month. Boeing (BA) delivered 24 737 Max jets in March.
