Second, Boeing (BA) shares fell to a 30-month low after Goldman Sachs downgraded its shares to "sell." The analyst cited high oil prices and the slowing economy in his rating, reports the Seattle Times. Boeing is 7.7% of the PowerShares Aerospace & Defense (PPA).
IYT is up 10.3% year-to-date, while PPA is down 13.1%.
For full disclosure, some of Tom Lydon’s clients own shares of IYT.