Published: Fri, March 15, 2019
Business | By Eloise Houston

Inflation data lifts S&P, Nasdaq futures; Boeing slips again

Inflation data lifts S&P, Nasdaq futures; Boeing slips again

But once again, the DOW lagged behind, being pulled lower by Boeing (BA).

A worker stands near the screen showing the Korea Composite Stock Price Index (KOSPI) at the Korea Exchange in Seoul, South Korea, Tuesday, March 12, 2019. The company led a slide in industrial sector stocks.

The S&P 500 index rose 8 points, or 0.3 percent, to 2,791.

At 9:00 a.m. ET, Dow e-minis were down 20 points, or 0.08 percent.

Apple rose 0.7 percent and was the biggest boost to the S&P and Nasdaq, after the iPhone maker invited media to a March 25 event where it is expected to launch a television and video service.

The S&P and Nasdaq futures edged higher on Monday after inflation data showed USA consumer prices in February rose for the first time in four months, but Boeing's fall for a second straight session pressured the Dow futures.

Stocks are moving steadily higher in midday trading on Wall Street, putting the market on track for its third gain in a row.

Boeing Co, the world's largest planemaker and best-performing Dow component this year by a wide margin, ended down 5.3 percent at $400.01, registering its biggest one-day percentage drop since October 29, after many airlines grounded the company's new 737 MAX 8 passenger jet following the second fatal crash involving the aircraft in just five months.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.61 percent from 2.64 percent late Monday. The Russell 2000 index of smaller companies picked up 0.96 points, or 0.1 percent, to 1,549.83.

Moments before the data, Dow e-minis were down 68 points, or 0.27 percent.

The price of gold rose 7 cents to $1,291.10 an ounce, silver rose 14 cents to $15.41 an ounce and copper rose 3 cents to $2.93 a pound. CPI excluding the volatile categories of food and energy - considered by many to be a strong indicator of underlying inflation - rose 2.1% year-over-year, slower than the 2.2% pace anticipated.

Technology stocks powered the market's early gains.

Google's parent company Alphabet added 1.8 percent in the first few minutes of trading Tuesday.

The NASDAQ Composite Index was bolstered by shares of Facebook, which gained 1.46 percent after Nomura Instinet upgraded it to buy from neutral.

Boeing Co fell 3 percent, extending a fall from the previous session as more countries grounded the planemaker's best selling line of jets amid heightened anxiety among travelers about the safety of the plane. The price-weighted Dow fell as its largest component, Boeing sank another 6.2% after losing 5.3% Monday.

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