Boeing Co (NYSE: BA) shares traded lower on Thursday, falling 1.61% to $196.50, despite President Donald Trump highlighting new aircraft orders from Turkish Airlines and Biman Bangladesh Airlines. Broader market weakness and lingering execution concerns outweighed the positive demand headlines, with industrials down 0.61% and the S&P 500 slipping 0.26%.

The announcement follows a significant rally in Boeing shares, which rose 2.27% to $202.21 on Wednesday. This surge was driven by the Society of Professional Engineering Employees in Aerospace (SPEEA) leadership recommending that its 17,000 members accept Boeing’s four-year contract offer. This endorsement mitigates immediate operational risks, including potential strikes that could halt 777X certification testing and disrupt 737 MAX assembly lines.

Labor stability secures production continuity

SPEEA’s recommendation came after management presented an upgraded proposal on September 11, improving upon an earlier draft rejected by members on August 21. Voting began Thursday, September 24, and runs through Thursday, October 1, ahead of the current agreement’s expiration on October 6. Securing union endorsement ahead of the expiration eliminates a primary operational risk. Chief Executive Officer Kelly Ortberg had warned on September 16 that a strike would halt ongoing 777X flight certification testing and disrupt core 737 MAX assembly line throughput.

Order momentum strengthens backlog

Commercial demand accelerated with major announcements confirmed by both Boeing and President Trump. Turkish Airlines finalized a purchase of 100 firm 737-8 airplanes, with options for up to 50 more 737 MAX jets, marking the airline’s largest single-aisle order from Boeing. Deliveries are scheduled to span from 2033 to 2037.

Biman Bangladesh agreed to purchase 11 additional jets, comprising five 787-10 Dreamliners and six 737-8 aircraft. This expands upon a $3.7 billion fleet order originally signed on April 30. These new commitments follow Korean Air finalizing a 103-aircraft order across widebody and narrowbody lineups on September 16.

Political and economic context

In a post on Truth Social, Trump described the transactions as a "big day" for domestic manufacturing. He credited Commerce Secretary Howard Lutnick and the Department of Commerce for facilitating the purchases totaling 111 planes, with options for 50 more. Trump emphasized that these exports represent tens of billions of dollars in value and reinforce the strength of US enterprises through job creation.

The defense and space unit also successfully launched three O3b mPOWER satellites on September 13, following their factory delivery on September 2. With labor disruption threats mitigated and political support highlighted, management can now focus on executing its estimated $715 billion backlog. The company is also advancing Federal Aviation Administration (FAA) certification for the 737 MAX 10, following regulatory clearance for the MAX 7 granted in August 2026.

Technical setup remains soft

Despite positive company headlines, Boeing's technical indicators continue to point to downside pressure. Shares trade about 4% below the 20-day simple moving average of $205.51 and 11% below the 200-day average of $221.12, signaling weakness across both shorter- and longer-term trends. The 50-day moving average also remains below the 200-day average following a September death cross. Meanwhile, the MACD is below its signal line, with a negative histogram, indicating that bearish momentum has yet to reverse. Boeing would need to reclaim the $212-$216 resistance zone to strengthen the technical picture. Support sits near $187.50, with the 52-week low at $176.77.

Earnings and analyst outlook

Boeing's next estimated earnings report is scheduled for October 28. Wall Street expects a loss of 15 cents per share, compared with a $7.47 loss a year earlier. Revenue is projected at $24.99 billion, up from $23.27 billion.

Analysts maintain an average price target of $272, with forecasts ranging from $250 to $305. Jefferies maintained a Buy rating while lowering its price target to $265 on September 21. BofA Securities maintained a Buy rating with a $270 target on September 18, while Argus Research upgraded Boeing to Buy with a $265 target on August 11.

What the numbers show

The convergence of union endorsement, political endorsement, and order inflows highlights a shift from risk mitigation to execution capacity. The $715 billion backlog represents a substantial revenue pipeline, but its realization depends heavily on uninterrupted assembly line throughput. The rejection of the initial contract draft on August 21 versus the acceptance of the revised proposal on September 11 indicates that management successfully addressed specific member concerns, directly protecting the production rates required to service the newly announced Turkish Airlines and Korean Air orders. However, the divergence between strong fundamental news and negative technical indicators suggests investors are prioritizing near-term market sentiment over long-term backlog visibility.

Boeing Co. (NYSE: BA) shares fell 4.5% after CEO Kelly Ortberg cited production bottlenecks, dampening sentiment despite a record aircraft order from Korean Air and progress on 737 MAX certification.

The stock’s decline extended its year-to-date loss to roughly 7%, marking its largest single-day drop since May. Investors reacted negatively to comments made at Morgan Stanley’s Laguna Conference regarding delays in stabilizing 737 MAX production.

Production Challenges Weigh on Stock

Ortberg stated that stabilizing 737 MAX production at 47 jets per month is taking longer than expected due to wing production bottlenecks at the Renton, Washington factory. Shares fell as much as 6% intraday before closing lower.

At the time of publication, Boeing shares were trading 0.23% higher at $197.45, near recent lows. The stock trades below its 50-day simple moving average (SMA) of $217.46 and 200-day SMA of $221.14. The 50-day SMA remains below the 200-day SMA, maintaining a bearish "death cross" formed in September.

Record Order From Korean Air

On September 16, Boeing finalized a record order for 103 jets with Korean Air, completing the carrier’s August 2025 procurement commitment. The deal, valued at $36.2 billion at list prices, underscores strengthened industrial ties between the US and South Korea.

The agreement includes a mix of wide-body and narrow-body aircraft to support fleet modernization plans. Boeing Commercial Airplanes President and CEO Stephanie Pope and Korean Air Chairman and CEO Walter Cho announced the deal in Seoul.

Certification And Maintenance Progress

Boeing reported significant operational milestones alongside the order news. On September 14, an executive confirmed that all flight testing for the 737 MAX 10 has been completed, with certification expected "very soon."

Additionally, Boeing and American Airlines announced the completion of their first landing gear exchange for the 737 MAX. The companies stated this milestone confirms the program’s effectiveness and quality standards. The global exchange availability aims to reduce aircraft-on-ground risk and improve maintenance turnaround.

Analyst Sentiment And ETF Exposure

Analysts maintain a Buy consensus rating with an average price forecast of $273.13. Recent actions include Argus Research upgrading to Buy with a $265 target, Tigress Financial setting a $305 forecast, and BNP Paribas upgrading to Outperform with a $300 target.

Momentum indicators show improvement, with the MACD above its signal line and a positive histogram, suggesting easing selling pressure. Traders may watch $215.50 as near-term resistance and $205.50 as support.

Boeing holds significant weightings in aerospace-focused exchange-traded funds:

• Corgi Aerospace & Commercial Aviation ETF: 4.21%
• Invesco Aerospace & Defense ETF: 7.15%
• iShares U.S. Aerospace & Defense ETF: 9.50%