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Both the S&P 500 and Nasdq Composite touched all-time highs, but were unable to close in record territory. The Dow Jones Industrial Average ended just below its breakeven line as Boeing weighed.
The planemaker touched its lowest level in a year a day after the company pushed back the timeline for the 737 Max’s return to service. However, shares finished off their worst levels of the day after CEO David Calhoun said production of the aircraft would probably start back up in a few months.
|I:DJI||DOW JONES AVERAGES||24857.41||-909.23||-3.53%|
|I:COMP||NASDAQ COMPOSITE INDEX||8374.203299||-192.28||-2.24%|
Elsewhere, Tesla crossed a $100 billion market capitalization for the first time after Wedbush analyst Dan Ives raised his price target to $550 from $370, citing underlying strength in China.
Beyond Meat shares were hit hard after a Bloomberg report said a Burger King franchisee was lowering the price of the Impossible Whooper due to softening demand.
|BYND||BEYOND MEAT INC.||87.11||-19.03||-17.93%|
On the earnings front, IBM reported better-than-expected results and raised its 2020 outlook.
Netflix beat on both the top and bottom lines, but its subscriber growth in the U.S. fell short of expectations.
And Johnson & Johnson was lower after reporting fourth-quarter revenue that missed Wall Street estimates.
|IBM||INTERNATIONAL BUSINESS MACHINES CORP.||127.62||-5.49||-4.13%|
|JNJ||JOHNSON & JOHNSON||131.81||-7.31||-5.25%|
West Texas Intermediate crude oil slid 2.7 percent to $56.78 a barrel after International Energy Agency Executive Director Fatih Birol said U.S. shale production will lead to an “abundance of energy supply in terms of oil and gas,” according to Reuters.
Meanwhile, gold was unchaged at $1,557 an ounce.
U.S. Treasurys were fractionally lower, causing the yield on the 10-year note to climb less than 1 basis point to 1.771 percent.
In Europe, France's CAC shed 0.6 percent, Britain’s FTSE fell 0.5 percent and Germany’s DAX lost 0.3 percent.
Markets rallied across Asia with Hong Kong’s Hang Seng up 1.3 percent, Japan’s Nikkei higher by 0.7 percent and China’s Shanghai Composite gaining 0.3 percent.