The Financial Industry Leads the Dow Lower: JPMorgan Chase & Co. (JPM), American Express Company (AXP), The Boeing Company (BA)

Today’s Dow downers
My fellow Fool Alex Planes noted earlier today that on March 18, 1850, the modern U.S. financial industry began, and due to the announcement from Cyprus’ government officials on Saturday, institutions that have survived for more than 162 years are under stress today. Shares of American Express Company (NYSE:AXP) and JPMorgan Chase & Co. (NYSE:JPM) are down 0.4% and 1%, respectively, as investors fear irrational consumers may bring the European financial system to a grinding halt.

As we saw with the financial crisis just a few years ago, the world banking system is more connected and intertwined than ever before. Once one domino is tipped over, it’s difficult to save the rest before they have all fallen. If Cyprus’ solution to its own problems spreads fear throughout Europe, the U.S. banking system and financial industry will also take a hit.

Shares of The Boeing Company (NYSE:BA) are also losing altitude today after its closest competitor, Airbus, announced the largest commercial airplane deal ever. Lion Air, operating out of Indonesia, ordered 234 planes, worth $24 billion, from Airbus. The deal is not only a missed opportunity for Boeing, but it also represents a lost customer. Just last year, Lion Air cut a deal with The Boeing Company (NYSE:BA) for 230 of its new 737 Max airplanes worth more than $22 billion. That deal also gave Lion Air the right to buy 150 more, but it would now appear that the option for more 737s will not be exercised.

The article The Financial Industry Leads the Dow Lower originally appeared on Fool.com and is written by Matt Thalman.

Fool contributor Matt Thalman owns shares of Bank of America and JPMorgan Chase & Co (NYSE:JPM).. The Motley Fool recommends American Express. The Motley Fool owns shares of Bank of America and JPMorgan Chase & Co. Check back Monday through Friday as Matt explains what caused the Dow’s winners and losers of the day, and every Saturday for a weekly recap. Follow Matt on Twitter: @mthalman5513.

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