David Gray/Reuters Boeing tumbled again in New York trading on Tuesday. The stock is down 3.6%, or about $7.8 billion, in premarket trading. The UK just joined Australia and Singapore in suspending use of Boeing 737 Max planes. Mexican, Brazilian and Argentine carriers also grounded aircraft. The stock decline is hitting the Dow, which slipped 0.1% as other US stock benchmarks rose. Boeing tumbled again in New York trading on Tuesday, following a 5.3% plunge on Monday, after the UK, Australia and Singapore became the latest to suspend use of all Boeing 737 Max planes. Boeing's stock is down 3.6%, equivalent to a drop of about $7.8 billion from Boeing's market capitalization. The UK's Civil Aviation Authority says it will prohibit the model from flying in or over UK airspace "as a precautionary measure," the BBC reported. Mexican, Brazilian and Argentine carriers also said they will ground Boeing 737 Max planes, the Wall Street Journal reported. The countries follow Indonesia and China in grounding the jets after the crash of Ethiopian Airlines Flight 302 on Sunday, which killed all 157 people on board. Before the UK's announcement, the WSJ said that some 40% of all the 737 Max planes that Boeing has delivered since May 2017 are now suspended from flying. "Several airlines and regulators have grounded the Max 8 model, but Australia and Singapore are understood to be the first countries to ban planes from across Boeing’s Max fleet," the Guardian wrote on Tuesday. The stock decline in premarket trading is chipping into the Dow. The index is down 0.1% as of 9:50 a.m. in New York. Read more: Some countries and airlines have grounded the Boeing 737 Max 8 after a 2nd crash involving the plane killed 157 people — here's who's taken action so far The crash has prompted some countries and airlines to halt their fleets while Boeing investigates whether there's a link between Ethiopia's disaster and the crash of Lion Air Flight 610, which plunged into the Java Sea 12 minutes after takeoff in October. A Boeing representative told Business Insider in an email earlier this week that a Boeing technical team would be traveling to the crash site in Ethiopia to provide technical assistance with the investigation. The Lion Air crash is still being investigated as well. Graham Rapier contributed to this report. NOW WATCH: Here's why McDonald's Filet-O-Fish sales skyrocket in March<doc-sep>President Trump used an executive order to ground, “effective immediately,” all 737 Max 8 planes, joining a flurry of countries and air carriers, ranging from Canada to Malaysia, that placed restrictions on Boeing Co.’s BA, +0.26% 737 Max 8 jets, or variants, over the past three days. The bans come after Sunday’s Ethiopian Airlines crash, which resulted in the deaths of 157 people near Addis Ababa. Trump announced the decision while speaking with reporters at a border-security event. The president’s decision comes after earlier Wednesday, Canada said it was banning the Boeing 737 Max 8 and Max 9 aircraft from its airspace, said Transport Minister Marc Garneau. That decision was made after examining satellite tracking data that is collected when certain aircraft take off and which tracks direction and the vertical profile of the plane as well as any fluctuations, the minister said at a news conference. Read: U.S., Canada keep 737 Max 8 in the air, and that’s about the only good news for Boeing Before Trump’s executive order, the U.S. Federal Aviation Administration vouched for the safety of the 737 Max plane as American authorities, Boeing and Ethiopian investigators probed the crash. On Tuesday, Australian officials said that “in light of the two recent fatal accidents, the temporary suspension of Boeing 737 MAX aircraft operations was in the best interests of safety.” No Australian airline operates the plane, but two global carriers operate 737 Max planes in Australia, the country’s civil aviation regulator said. Malaysia said it would ban 737 Max flights from entering and leaving the country, and Singapore said it was banning all 737 Max jets, while the U.K.’s ban is specific to the 737 Max 8 jets. Norwegian Air said it would ground its Boeing 737 Max Fleet, according to reports: France’s Aviation Authority said it would ban 737 Max jets from its airspace, while reports also indicated that Ireland and Iceland intended on banning that model aircraft. According to the Associated Press, Germany’s transport ministry said it is closing its airspace to 737 Max 8s, while Oman said it was “temporarily suspending” all flights by 737 Max jets, becoming the first nation in the Arabian Peninsula to ground the Boeing model. Countries grounding Boeing 737 Max planes What is prohibited 1) Australia Boeing 737 Max 2) Malaysia Banning flights of 737 Max aircraft into and out of country 3) United Kingdom 737 Max 8 4) Norwegian Air Boeing 737 Max fleet 5) France (France’s Aviation Authority) Bans 737 Max jets 6) Germany Closing airspace to 737 Max 7) Oman Suspends temporarily 737 Max jets 8) Ireland (Irish Aviation Authority) Bans all variants of 737 Max planes 9) Iceland 737 Max 8 10) Singapore 737 Max 8 11) Turkish Airlines Grounds all Boeing 737 Max aircraft until further notice (AP) 12) Italy (Italy’s Aviation Authority) Bans commercial flights of 737 Max 8 13) Netherlands 737 Max 8 14) Europe’s EASA Suspends all 737 Max operations in Europe 15) China Bans 737 Max 8 16) India 737 Max 8 17) United Arab Emirates 737 Max 8 ban 18) Kuwait 737 Max 8 ban 19) South Korea 737 Max 8 20) Mexico 737 Max 8 21) Canada Restricts 737 Max 8 and 9 22) Ukraine Restricts 737 Max 8 and 9 23) U.S. Restricts 737 Max 8 and 9 China was among the first to ban the 737 Max on Monday. The groundings by foreign regulators, which typically follow FAA safety determinations for American-built jets, has idled more than 50% of the 737 Max fleet around the world. Most of those are MAX 8s, the version involved in the Ethiopia crash. FILE PHOTO: Boeing employees are pictured in front of a 737 MAX 8 produced for Southwest Airlines as Boeing celebrates the 10,000th 737 to come off the production line in Renton, Washington, U.S., March 13, 2018. REUTERS/Jason Redmond/File Photo Reuters The Wall Street Journal has reported that Boeing has delivered more than 370 Max planes to 47 customers, including leasing firms that place the jets with airlines around the world. U.S. carriers, sticking by the FAA guidance. The Ethiopian crash came about four months after a Boeing 737 Max 8 crashed in Indonesia, fueling broader concerns about the safety of those aircraft. However, the specific cause, or causes, of the crashes hadn’t been determined. Airline 737 Max jets Total fleet count 737 Max jets as % of capacity in 2018 WestJet 11 177 5.8% Air Canada 18 391 3.7% Southwest Airlines 31 750 3.4% American Airlines 20 1,551 0.9% United Continental 9 1,329 0.4% Copa Airlines 4 105 N/A Alaska Air 0 330 0.0% Diio Mi, Cowen & Co., company reports The FAA had said Monday it had no plan to ground the jet, but the slate of groundings may put pressure on the agency. “This investigation has just begun and to date we have not been provided data to draw any conclusions or take any actions,” the FAA said. Shares of Boeing were off by about 0.1% Wednesday intraday, and has shed 11.2% of its value over the past three sessions. Still, the aviation and defense giant’s stock, which is a component of the Dow Jones Industrial Average DJIA, +0.03% , has risen about 16.5% in 2019, outperforming the broader market. The S&P 500 SPX, +0.19% , for example, has gained 12.3% since the beginning of the year, while the Dow has climbed by about 10.2% in the year’s first three months. With reporting by the Wall Street Journal<doc-sep>With airlines and governments around the world shutting down Boeing 737 Max airplanes after a second deadly crash of the aircraft, U.S. Secretary of Transportation Elaine Chao is not only resisting the calls to ground the plane, she even flew one of the planes back to Washington Tuesday afternoon. Chao and her staff flew on a Southwest Airlines 737 Max 8 from Austin, Texas to Washington, D.C. just hours after the Transportation Secretary was emphatic in saying her department will ground Max planes if it's determined they are not safe to fly. "The department and the FAA will not hesitate to take immediate and appropriate action," Chao said. Ethiopian Airlines Flight 302 crashed shortly after takeoff from Addis Ababa on Sunday, killing all 157 people on board. It came less than five months after a Lion Air Boeing 737 Max 8 went down in Indonesia last October — none of the 157 people on board survived.<doc-sep>U.S. stocks closed mostly higher Tuesday, led by the health care and utilities sectors, while the Dow Jones Industrial Average retreated as shares of Boeing Co. came under heavy pressure following a fatal crash over the weekend of a 737 Max aircraft. The Dow DJIA, +0.03% lost 96.22 points, or 0.4%, to end at 25,554.66. The S&P 500 SPX, +0.19% 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 COMP, +0.59% 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 What drove the market? The price-weighted Dow fell as its largest component, Boeing BA, +0.26% , sank another 6.2% after losing 5.3% Monday. Although, the Federal Aviation Administration declared the 737 Max 8 airworthy, more regulators have decided to ground the planes, including those in Australia, Singapore and the Middle East. The decisions come amid worries about flight systems in Boeing’s 737 Max models following the weekend crash, which resulted in the death of 157 people near Ethiopia’s capital, Addis Ababa. The stock market shrugged off the U.K. Parliament’s rejection of Prime Minister Theresa May’s Brexit deal, in part, as the outcome had been anticipated. Lawmakers will now have to decide whether they want a Brexit without a deal or possibly extend the March 29 deadline for leaving the European Union. Separately, reports indicated progress on a Sino-American trade deal, with China and the U.S. reportedly close to a deal on currencies—an element in their broader trade dispute. The consumer-price index rose 0.2% in February following three months of no change, the Labor Department said. Core prices, which strip out volatile changes in the cost of food an energy rose 0.1%. Year-over-year, overall inflation fell from growth of 1.6% in January to 1.5%, while annual core inflation fell from 2.2% to 2.1%. The National Federation of Independent Business said its small-business optimism index rose 0.5 point to 101.7, with 5 out of the 10 components increasing, led by a 5-point gain in those who expect the economy to improve. It nonetheless was the second-worst reading since December 2016. What were strategists saying? “Economic data has been weird lately,” Norm Conley, chief investment officer at JAG Capital Management, told MarketWatch, arguing that large swings in retail sales data and conflicting reports on the health of the labor market has “created more uncertainty at the margin.” The heightened uncertainty surrounding the health of the global economy is leading to investor caution, he added. What stocks were in focus? Dick’s Sporting Goods Inc. DKS, +16.91% shares skidded 11% after the retailer reported a 6.3% decline in fourth-quarter sales. Shares of Tesla Inc. TSLA, +2.39% fell 2.6% after lawyers for the electric car maker’s CEO Elon Musk defended a recent tweet from the outspoken executive, accusing the Securities and Exchange Commission of overreaching and infringing on Musk’s right of free speech. Hewlett Packard Enterprise Co. HPE, +1.18% shares slid 3% after an analyst at UBS Group AG downgraded the stock to sell from neutral, citing headwinds to growth of its cloud business. Shares of F5 Networks Inc. FFIV, +0.01% tumbled 7.7% after an analyst at J.P. Morgan cut the stock’s rating to neutral from overweight. How were other markets trading? Stock markets in Asia rallied, with Japan’s Nikkei 225 NIK, -0.33% , Hong Kong’s Hang Seng Index HSI, -0.25% and China’s Shanghai Composite Index SHCOMP, +0.28% all adding more than 1%. European stocks, meanwhile, were pressured with the Stoxx Europe 600 SXXP, +0.00% fractionally lower. In commodity markets, the price of crude oil US:CLJ9 rose solidly and gold US:CLJ9 traded higher while the U.S. dollar DXY, +0.04% lost ground against its peers. —Mark DeCambre contributed to this report<doc-sep>
Boeing shares traded in the green for the first time in three days Wednesday, following their biggest two-day decline in a decade, as the list of authorities around the world who have grounded the planemaker's flagship 737 MAX 8 jet, in defiance of safety assurances from the Federal Aviation Administration continues to expand. Boeing Co. (BA) - Get Report shares traded in the green for the first time in three days Wednesday, following their biggest two-day decline in a decade, as the list of authorities around the world who have grounded the planemaker's flagship 737 MAX 8 jet, in defiance of safety assurances from the Federal Aviation Administration continues to expand. Hong Kong joined the list of nations and carriers that have banned the use of the MAX 8, representing more than two-thirds of the plane's global market, following Sunday's crash of Ethiopian Airlines flight ET302 from Addis Ababa Sunday that killed all 157 passengers and raised significant concerns for Boeing's most profitable aircraft. The plane's safety record, however, was defended by both Boeing CEO Dennis Muilenberg in a phone conversation with President Donald Trump, according to multiple media reports, and the FAA itself, which reiterated an earlier statement on the MAX' air worthiness. "The FAA continues to review extensively all available data and aggregate safety performance from operators and pilots of the Boeing 737 MAX," the agency said in a statement Tuesday. "Thus far, our review shows no systemic performance issues and provides no basis to order grounding the aircraft. Nor have other civil aviation authorities provided data to us that would warrant action." "In the course of our urgent review of data on the Ethiopian Airlines Flight 302 crash, if any issues affecting the continued airworthiness of the aircraft are identified, the FAA will take immediate and appropriate action," it added. Boeing shares were marked 1% higher at the start of trading Wednesday to change hands at $379.37 each following Boeing's largest two-day percentage decline since June 2009 that hived more than $26.35 billion from the company's market value. Boeing has insisted it has "full confidence in the safety of the MAX. ... We'll continue to engage with (all civil authorities) to ensure they have all the information they need to have the confidence they need (to) safely continue to operate their fleets or return them to service." "It is also important to note that the Federal Aviation Administration is not mandating any further action at this time, and based on the information currently available, we do not have any basis to issue new guidance to operators," the company said. The cause of Sunday's disaster, which followed a deadly crash of a Lion Air flight off the coast of Indonesia in October, has not yet been determined. However, control-tower recordings suggest the pilot was having early difficulties and eyewitnesses reported seeing flames from the jet prior to its crash. Both of the flight's black boxes have been recovered and are being analyzed by investigators and reports say Ethiopian authorities will send the data to investigators in the United States. Boeing's 737 lineup, perhaps its most important program, contributes around a third of the the Chicago-based planemaker's bottom line, as well as a fifth of its sales, and has a back order log of nearly 5,000 units.