U.S. stock markets were headed for a negative open on Monday. Boeing will be facing attention again after one of its MAX 9 planes operated by Alaska Airlines had a structural failure Friday night, while investors looked ahead to inflation data later this week.
Dow Jones Industrial Average futures were down 113 points, or 0.3%. S&P 500 futures fell 0.1% and Nasdaq 100 futures dropped 0.1%. The Dow looks set to underperform as Boeing comes under scrutiny with 171 Boeing Max 9 planes facing a temporary grounding.
More broadly, the market is still digesting last week’s U.S. jobs report for December, which came in stronger than expected. That contrasted with the Institute for Supply Management’s services-activity index, where a gauge of employment showed the biggest contraction in more than three years.
“The contradicting data releases on Friday likely put off any repricing on a March rate cut, which currently shows a 60% implied probability. Now, the focus shifts to the December CPI report, which will be published on Thursday after a rather quiet start of the week data-wise in the US,” wrote ING analyst Francesco Pesole in a research note.