Boeing leads weekly declines among large-cap industrials (NYSE:BA)

Boeing (NYSE:BA) led weekly declines among shares of the biggest U.S. industrial companies as stocks fell for a second straight week amid investor worries about inflation data.

The Industrial Select Sector SPDR ETF (NYSEARCA:XLI), whose holdings include some of the largest U.S. companies in the sector, was down by less than 1% for the week.

The performance mirrored the performance of other benchmarks, with the Standard & Poor’s 500 stock index (SP500) slipping by less than 1%. The Dow Industrials Average (DJI) and 2.2% and the Nasdaq Composite (COMP.IND) also fell by less than 1% for the week.

Consumer and producer price data indicated inflation was greater than economists had forecast. The reports rattled invests who are looking for signs that the Federal Reserve will begin cutting interest rates soon. Fed Chair Jerome Powell in past statements said policy makers want to see inflation falling to a target of 2% a year.

Boeing: More safety worries

Boeing (BA) ended the week with an 8.7% decline, though it managed to eke out a gain on Friday. The plane maker faced more worries about the safety of its planes after 50 people were injured when a Boeing (BA) 787 Dreamliner on Monday briefly nosedived during a Latam Airlines flight from Sydney to Auckland.

Concerns about possible technical problems narrowed to the possibility that a flight attendant accidentally hit a switch on the pilot’s seat, pushing it into the cockpit’s controls. Boeing (BA) on Thursday sent a memo to 787 operators, advising that they inspect pilot chairs for loose covers on the switches and instructing how to turn off power to the pilot seat’s motor if needed.

Another news report indicated that United Airlines (NASDAQ:UAL) was looking to replace some of its orders for Boeing (BA) planes with jets made by European rival Airbus (OTCPK:EADSY) (OTCPK:EADSF). Boeing (BA) isn’t allowed to increase production of its popular 737 Max planes until the U.S. Federal Aviation Administration is satisfied that the company has improved its factory operations and safety checks. The agency stepped up scrutiny of Boeing (BA) and its supply chain following the midair blowout of a door plug on a 737 flown by Alaska Airlines (NYSE:ALK) flight in January.

Deere’s job cuts

Amid the broader market declines, Deere (NYSE:DE) gained 2.4% for the week for the best performance among the top holdings of the Industrial Select Sector SPDR ETF (XLI).

The maker of farming machinery is laying off about 150 people at a factory in Ankeny, Iowa, the Des Moines Register reported on Tuesday. The plant is said to employ about 1,700 employees, including 1,136 in production.