Boeing Stock Slumps on Reported Software Glitch in 737 MAX Planes

Boeing stock plummeted by 4.8% on Monday after The Wall Street Journal reported that the company has identified a software glitch in its 737 MAX airliners.

The issue affects the airplane's autopilot function, which may fail to perform as intended when a pilot misses a first approach on landing and inputs a new flight path to try again.

Boeing denies any 'safety risk' but is working on a patch nonetheless. The Federal Aviation Administration (FAA) is also investigating the matter.

At least two major Boeing customers, Southwest Airlines and United Airlines, have informed Boeing that they will not accept delivery of new 737 MAX planes with the buggy software installed.