The stock’s sharp move down is on pace to cost the 30-stock Dow nearly 250 points. Boeing has by far the biggest influence on the Dow given the index is price weighted. In other words, a higher share price will have a greater impact on the Dow.
Boeing’s outsized influence over the Dow was reflected in the futures market as Dow Jones Industrial Average Futures fell more than 100 points while S&P 500 and Nasdaq 100 futures were slightly higher. In other words, the Dow would be positive if not for Boeing’s drop.
Boeing closed at $422.54 per share on Friday. However, the stock traded around $385 on Monday after an Ethiopian Airlines flight crashed on Sunday, killing all 157 people on board.
The plane used on the flight was a 737 MAX 8 jet, one of Boeing’s top-selling airplanes. The crash raised concern over the model’s safety as it comes less than five months after another deadly crash involving the 737 MAX 8. Several countries, including China and Indonesia, grounded all flights involving the aircraft.
—CNBC’s Peter Schacknow contributed to this report.