Shares of Boeing Co. BA, -8.77% took a 9.3% dive in afternoon, to pace the 28 of 30 Dow Jones Industrial Average DJIA, -2.79% components that were losing ground.
The aerospace and defense giant’s stock’s price decline of $11.77 was shaving about 78 points off the Dow’s price, while the Dow dropped 754 points, or 2.4%. Boeing’s stock, which has tumbled 18.2% over the past four sessions, is also the Dow’s biggest decliner over the past three months (down 34.6%), year to date (down 42.8%) and the past 12 months (53.4%). While the Dow is headed for the lowest close since Feb. 1, 2021 and Boeing shares were on track for their lowest close since March 23, 2020, according to Dow Jones Market Data. Boeing’s stock selloff comes as growing fears of a recession was weighed heavily on airline and aerospace and defense sectors, with the U.S. Global Jets ETF JETS, -6.86% falling 15.2% the past four days and the iShares U.S. Aerospace & Defense ETF ITA, -3.74% shedding 9.2%, while the Dow has declined 7.7%.