Boeing Co (NYSE:BA) shares are trading lower Monday alongside several companies in the broader industrial sector amid overall market weakness as stocks continue to sell off following last week's Fed rate hike decision.
The Federal Reserve raised rates by 50 basis points last Wednesday, its first rate hike of at least half a percentage point in more than 20 years. Stocks surged following the announcement, but pulled back significantly the following day and have continued on a downward trajectory since.
Boeing shares are making new 52-week lows on Monday. Last week, Boeing released its 2022 Commercial Aircraft Financing Market Outlook showing improving financing stability as the industry recovers from the impacts of the global pandemic.
However, the stock has been stuck in a downtrend since the company reported financial results that were down year-over-year at the end of April. Boeing also announced that it will pause 777-9 production through 2023.
See Also: Why Amazon Shares Are Falling
BA Price Action: Boeing shares were down 8.31% at $136.63 at time of publication.
Photo: courtesy of Boeing.
