Shares of Boeing Co fell more than 4 percent on Monday morning after the company said it would cut production of its 737 MAX aircraft by nearly 20 percent, as the planemaker struggles with a worldwide grounding of the jets. The production cut also weighed on shares of Boeing’s suppliers across the globe. Spirit AeroSystems fell 5 percent, while Triumph Group dropped 6 percent.
European suppliers such as Meggitt, Melrose and Safran were down between 0.4 percent and 2 percent. Deliveries of Boeing’s best-selling aircraft were frozen after the global grounding of the narrowbody model following the crash of an Ethiopian Airlines jet on March 10, which killed all 157 people onboard.