The Dow Jones Industrial Average fell for a second straight day Tuesday as investors awaited the start of corporate earnings season later this week.
The Dow lost 160 points as Boeing stock came under pressure again on concerns about 737 Max jet production delays. The S&P 500 fell 0.5%, led by losses in industrials, energy and financial companies. The Nasdaq Composite dropped 0.2%.
Market focus is centered on corporate earnings results, with major U.S. banks set to kick off the first-quarter earnings season later in the week. J.P. Morgan Chase and Wells Fargo are both poised to report their latest figures on Friday, while Citigroup and BlackRock are scheduled to publish their results next week.
Bank of America, which will also report earnings next week, said Tuesday that it’s raising its minimum wage for its employees to $20 an hour. The minimum wage at the company will be raised to $17 effective May 1 and will increase in increments over the next two years.
Bank of America, Goldman Sachs, J.P. Morgan and Morgan Stanley all fell at least 0.5%.