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Boeing (NYSE:BA) on Thursday fell 3.2% by mid-day, making the aircraft manufacturer one of the biggest laggards in the Dow Jones Industrial Average (DJI).
The decline came as major stock indexes slumped a day after the Federal Reserve raised interest rates and indicated more hikes are possible to curb inflation. The higher rates raise the specter of a potential recession.
3M touched a fresh nine-year low of $113.43 a share as investors continue to contemplate its legal liabilities. The manufacturer is the target of the biggest multidistrict litigation in U.S. history based on the number of lawsuits filed.
Chemical makers DuPont (NYSE:DD) and Dow Inc. (NYSE:DOW) slipped to hit two-year lows before rising gradually throughout the day. The companies this year have been under pressure amid rising energy costs and slackening demand for petrochemicals.
Gates Industrial (NYSE:GTES) fell -2.3% and Emerson Electric (NYSE:EMR) slipped -1% to hit two-year lows, and Otis Worldwide (NYSE:OTIS) slumped -2.2% to touch the lowest since March 2021.
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