Weakness in the S&P 500 Industrial Sector

[BRIEFING.COM] The S&P 500 is down 0.3%. Today’s decline has the S&P 500 back at the 2900 level, which will be a level traders will see if the benchmark index can stay above on a closing basis. 

The S&P 500 industrial sector (-0.6%) has also underperformed today with Boeing (BA 375.89, -3.69, -1.0%), 3M (MMM 214.96, -2.47, -1.1%), Union Pacific (UNP 167.48, -1.2%), and General Electric (GE 8.86, -0.15, -1.6%) dragging the space lower.   

On a related note, American Airlines (AAL 34.26, -0.43, -1.3%) trades lower after it said it has canceled all of its 737 Max flights through August 19. The cancellations represent roughly 1.5% of American Airlines’ total flying per day in the summer, according to the airline.

Overseas, the major European indices began the week little changed. Germany’s DAX increased 0.2%, UK’s FTSE finished flat, and France’s CAC increased 0.1%. The Europe Stoxx 600 increased 0.1%.