S&P, Nasdaq futures edge higher following lackluster week; Boeing pressures Dow

© Reuters. Traders work on the floor of the NYSE in New York

By Amy Caren Daniel

(Reuters) – Technology stocks led Wall Street’s main indexes higher on Monday after five straight sessions of declines, but a fall in the shares of the world’s largest planemaker after a fatal crash in Ethiopia limited gains on the blue-chip Dow.

Boeing (NYSE:) Co, the best performing Dow component this year by a wide margin, slumped 7.4 percent after many airlines grounded the company’s new 737 MAX 8 passenger jet after a second deadly crash in just five months.

Helping markets march higher was the heavyweight Dow component’s shares bouncing off its session lows, while the industrial sector reversed early losses to rise 0.31 percent.

“The initial shock about Boeing’s problems caused its stock to really sell-off and they have extensive issues to fix, but in the long run it’s probably not as bad for the business as the initial sell-off suggested,” said Elliott Savage, portfolio manager of the YCG Enhanced fund in Austin, Texas.

Recent economic data showed U.S. retail sales rose unexpectedly in January, a welcome news for the economy after a raft of weak December data, as well as a sharp moderation in the pace of job growth in February.

The fell 2.2 percent last week, its biggest decline since 2018-end, as the tepid U.S. jobs growth report added to fears of a slowing global economy.

Still, the benchmark index is now about 6 percent away from its record high hit on Sept. 20.

All the major S&P sectors were trading higher, led by gains in the technology sector, which was up 2.01 percent.

Apple Inc (NASDAQ:) rose 3.3 percent and was the biggest boost to the all three indexes after Bank of America Merrill Lynch (NYSE:) upgraded the iPhone

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