US equity markets retreated after Federal Reserve Chairman Jerome Powell continued to push back against the prospect of near-term rate cuts in an interview aired on Sunday (4 February) in America - Dow shed -274-points or -0.71% to 38,380.12 after settling at a record closing high of 38,654.42 last Friday (2 February). Boeing Co lost -1.31% after the aerospace company said it plans to dedicate several days at its 737 factory in Renton, Washington to carrying out inspections and reworking fuselages supplied to it by Spirit AeroSystems Holdings Inc (-4.71%). The chief executive of Boeing Commercial Airplanes unit, Stan Deal, said in a memo efforts to rework the 737 fuselages could delay some “near-term” deliveries of its classic single-aisle plane, which is used by major airlines including Southwest Airlines (-1.94%), and Delta Air Lines Inc ( -1.88%).
