Boeing Stock Dives Amid Archer Deal and Commercial Aircraft Data

Boeing's stock price fell by over 1% on Wednesday, contrary to gains seen in the broader market. The decline comes as investors weigh the company's latest commercial aircraft data and its deal with Archer Aviation Inc.

The agreement between Boeing and Archer involves Archer acquiring Wisk Aero, SkyGrid, and Insitu. According to Archer, this deal could 'significantly change the profile' of the company, particularly due to the profitability of Insitu, which generates over $200 million in annual revenue.

Boeing's commercial aircraft activity remained solid in July, with 53 jets delivered during the month, five more than a year earlier. The planemaker booked 38 gross orders and recorded eight cancellations, taking year-to-date gross orders to 483 and orders net of cancellations and conversions to 438.

Despite Wednesday's decline, Boeing remains above several closely watched moving averages, with its stock price about 3.7% above its 20-day simple moving average. The relative strength index stands at 54.69, suggesting the stock is neither overbought nor oversold.