Boeing Co (NYSE:BA) shares are trading lower Thursday and have fallen about 20% over the last week.
The stock has been under pressure since the Federal Reserve raised rates by 50 basis points last Wednesday, its first rate hike of at least half a percentage point in more than 20 years.
Boeing shares have continued to trend lower this week following higher-than-expected U.S. inflation data.
The consumer price index increased 8.3% in April from the prior year, which was lower than the 8.5% increase in March. However, the number came in above the Dow Jones estimate of 8.1%. Although the CPI number was lower than it was in March, 8.3% inflation is still near the highest levels in 40 years.
What Else Happened? Boeing on Monday announced that the Lufthansa Group has placed an order for seven 777-8 Freighters. The group also placed a new order for two 777 Freighters to add to its cargo fleet.
Related Link: Lufthansa Orders For Boeing's New 777-8 Freighters, Additional 787s
On Wednesday, Boeing and the Norwegian company Nammo announced successful completion of ground-fire tests of its Ramjet 155 Extended Range Artillery Projectile, a technology that enables long-range precision fires, which is one of the U.S. Army’s key modernization priorities.
BA Price Action: Boeing shares are making new 52-week lows on Thursday.
According to data from Benzinga Pro, the stock was down 5.58% at $122.17 at press time.
Photo: courtesy of Boeing.
