UKX FTSE 100 Index

By Mark DeCambre, MarketWatch

Rite Aid shares rally following planned CEO departure

Futures for the Dow were facing pressure for a third straight session amid Boeing's 737 Max 8 problems, but S&P 500 and Nasdaq edged marginally higher, despite persistent global growth concerns tied to the U.K.'s exit from the European Union and proliferating signs of slowing global growth.

How did major indexes fare?

Dow Jones Industrial Average futures were trading little changed at 25,584, while those for the S&P 500 index added 4.15 points, or 0.2%, to 2,796.25. Nasdaq-100 futures advanced 9.25 points, or 0.1%, at 7,243.50.

On Tuesday, the Dow lost 96.22 points, or 0.4%, to end at 25,554.66. The S&P 500 rose 8.22 points, or 0.3%, to finish at 2,791.52 as health care and utilities stocks led gains, while the Nasdaq Composite Index rose 32.97 points, or 0.4%, to finish at 7,591.03.

Read:Why a bout of small-cap carnage could be a red flag for stock-market bulls (http://www.marketwatch.com/story/why-a-bout-of-small-cap-carnage-could-be-a-red-flag-for-stock-market-bulls-2019-03-11)

What drove the market?

British lawmakers rejected Prime Minister Theresa May's revised Brexit deal in a 242-391 vote and now are looking at a second vote to on whether an exit without a pact with Europe's trade bloc can be taken off the table before a March 29 deadline.

A so-called hard-Brexit scenario has stoked volatility in Britain's currency and has the potential to unsettle domestic markets, experts say.

Meanwhile, concerns around growth in the U.S. continued after new inflation data published on Tuesday came in weaker than expected, adding to a disappointing jobs report on Friday.

Despite those worries, and no fresh news on Sino-America trade developments, stocks have mostly climbed on the back of strong gains in the technology sector.

However, the persistent headwinds from Boeing Co. (BA), embattled by a set of tragedies involving its 737 Max 8 jets, have weighed on the Dow, where the aviation and defense firm is a component.

Meanwhile, concerns around growth in the U.S. continued after new inflation data published on Tuesday came in weaker than expected, adding to disappointing payroll data last week.

What are strategists saying?

David Madden market analyst at CMC Markets UK, said the investment climate is "gloomy this morning as Brexit still hangs over the markets. Theresa May's withdrawal agreement was voted down yesterday, which wasn't a huge surprise," in a Wednesday research report.

Which stocks are in focus?

Boeing shares were down about 1% in premarket trade as the world-wide groundings of its 737 Max 8 jets buffeted the company's shares for a third straight day.

Shares of Rite Aid Corp.(RAD) were in focus after the drugstore chain's CEO John Standley said he would step down. Shares were up 17.2% in premarket trading.

(END) Dow Jones Newswires

March 13, 2019 07:18 ET (11:18 GMT)

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