Futures down, Boeing shares fall after 737 crash
The planemaker’s shares fell 7.8% in premarket trading after a China Eastern Airlines passenger plane crashed into a mountain in southern China with 132 people on board. The cause of the crash was not immediately known.
Energy stocks rose, Occidental Petroleum rose 3.1%, with Brent crude above $111 a barrel as European Union countries consider joining the United States in a Russian oil embargo. [O/R]
Stock markets around the world opened the week on a negative note after Ukraine rejected a Russian obligation that its forces must lay down their weapons before dawn Monday in Mariupol. Meanwhile, the Kremlin said peace talks between Moscow and Kiev have yet to make major breakthroughs.
Hopes of a possible peace deal, along with a widely expected Federal Reserve rate hike, boosted market sentiment last week, with the three major stock market indexes posting their biggest weekly percentage gains since early November 2020.
Fed Chairman Jerome Powell will speak at the National Association for Business Economics conference at 1200 ET (1600 GMT) on Monday, with other policymakers due to speak throughout the week following the rate hike path set by the US central bank last week.
Big bank stocks had a mixed picture, with Morgan Stanley down 0.8% With the exception of Tesla Inc., other growth megacaps have slipped.
As of 6:47 a.m. ET, the Dow e-minis were down 134 points, or 0.39%, the S&P 500 e-minis were down 9.25 points, or 0.21%, and the Nasdaq 100 minis were down 51 points, or 0.35%.
Nielsen Holdings fell 17.3% after rejecting an unsolicited takeover bid from a private equity consortium that valued the TV ratings firm at $9.13 billion.