The broad-based S&P 500 shed 0.5 per cent to 3,003.67, while the tech-rich Nasdaq Composite Index tumbled 1.0 per cent to 8,238.54.A heavy schedule of corporate earnings battered shares of some companies that disappointed, including Tesla, which plunged 13.6 per cent, Ford, which sank 7.8 per cent and chemical giant Dow, which shed 3.8 per cent.
American Airlines also stumbled, diving 8.4 per cent after raising its full-year estimate of the hit to earnings from the Boeing 737 Max to US$400 million, up US$50 million. Southwest Airlines, another big Boeing customer, finished 0.4 per cent higher after pushing back the target date for returning the Max to service to January 2020, more than two months later than the current timeframe.
Southwest said it has begun talks with Boeing about compensation for the impact from widespread flight cancelations and delayed deliveries. Boeing, which has set aside US$4.9 billion to compensate customers, dropped 3.6 per cent, its second big decline in a row after reporting on Wednesday its biggest quarterly loss ever due to the Max.
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