(Reuters) – U.S. stocks pulled back on Monday after the S&P 500’s seven-day winning streak, as Boeing shares fell and investors braced for what could be the first decline in corporate earnings since 2016.
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 4, 2019. REUTERS/Brendan McDermid/File Photo
Shares of Boeing Co dropped more than 4 percent, accounting for more than three-quarters of Dow industrial’s fall, after the company said it would cut production of its 737 MAX aircraft by nearly 20 percent.
The benchmark index is about less than 2% away from its record closing high hit in September, lifted by the Federal Reserve’s decision to hold off on interest rate hikes in 2019 and