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Stock futures fell on Monday in trade Boeing (BA) weighing on Dow Jones futures.
Boeing shares fell 4%, due to the late announcement Friday that the Dow Jones aerospace giant is reducing by almost 20% the production of its 737 Max, from 52 aircraft per month to 42 from mid-April. Bank of America, Merrill Lynch, downgraded Boeing's purchase title to neutral and lowered its price target from 420 to 420. American Airlines (AAL) announced Sunday that it would extend at least June 5 the grounding of its 737 Max fleet.
X
Roku (ROKU) saw another major drop on Monday, dropping 5% after Citigroup's downgrade to neutral. Shares fell 6% Thursday after Guggenheim demoted shares to neutral buying. The analyst cited a competitive threat of Apple (AAPL).
Stock Futures Tilt Lower
Dow futures are down 0.4% from fair value, mainly due to Boeing's shares. Nasdaq futures and the S & P 500 fell 0.2%. Dow Jones stock Procter & Gamble (PG) climbed 0.8% to 104.50, thanks to an upgrade from Wells Fargo to outperform. Wells Fargo also raised its price target for P & G to 115.
The Nasdaq Friday closed a strong week up 2.7%. He is fast approaching his all-time record of 8133 set in late August. The Russell 2000 Small Cap Index showed a bullish action on Friday, up 1% and resuming its 200-day moving average. A move above the 200-day line results in a break of more than 1,600 in play.
In Europe, the London FTSE-100 gained 0.1% in trading in the afternoon. In Germany, the German DAX slipped 0.2% and the CAC 40 Paris 0.2%. In the Asia-Pacific markets, the Japanese Nikkei lost 0.2%; Shanghai Composite index was largely flat and the Hang Seng index posted a gain of 0.5%. China's Shanghai climbed 5% last week.
In the other news, the actions of General Electric Stocks (GE) fell 5% early in the session after JPMorgan was underweight equities at underweight. The brokerage also lowered its price target on GE to 5 from 6.
Break (SNAP), which rebounded strongly from its December lows, rose another 5% to 12.45 Monday morning. The shares benefited from an improvement by RBC Capital to outperform and a price target raised to 17.
Earnings to come
The first quarter results season begins this week. Delta Airlines (DAL) reports Wednesday after the close. Stocks jumped nearly 12% last week after the company raised its guidance for the first quarter. Some leading financial stocks should be released on Friday, including JP Morgan (JPM), First Republic Bank (FRC) and Wells Fargo (WFC).
Financial Select's SPDR sectoral SPDR ETF (XLF) declined slightly in pre-exchange trading. The fund is holding up to its 200-day moving average as it is trying to exit a bearish trend.
On the economic front, the report of the March meeting of the Federal Reserve should be released Wednesday at 14 hours. AND. Consumer inflation data is also expected Wednesday with the latest reading of wholesale price inflation released on Thursday.
The 10-year Treasury yield rose 1 basis point to 2.51%, while US crude futures rose to $ 63.37 per barrel.
To learn more about the market, follow Ken Shreve on Twitter. @IBD_KShreve.
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