S&P 500 top movers: Boeing Co (BA: NYSE) shares slump on dismal demand outlook

• S&P 500 is posting modest gains in choppy trading day.
• Boeing Co (BA: NYSE) shares suffer heavy losses as company cuts demand outlook.
• Snap-On Inc (SNA: NYSE) share are up more than 6% on Tuesday.

After opening the day little changed on Tuesday, the S&P 500 Index (SPX) seems to be having a difficult time making a decisive move in either direction. As of writing, the SPX was up 0.2% on the day at 3,415.

S&P 500 top movers

Earlier in the day, Boeing Co (BA: NYSE) announced that it cut its 20-year demand forecast for the first time since 2009, citing the negative impact of COVID-19 on the economy and demand for air travel. Furthermore, American Airlines said that it decided to delay its plans to start pilot training with Boeing 737 MAX. Pressured by these developments, the BA is down 3.2% on the day at $165.75 as the biggest daily percentage decliner on Tuesday.

On the other hand, Snap-On Inc (SNA: NYSE) shares are up more than 6% on the day despite a lack of company-specific headlines.

Meanwhile, major cruise liner stocks are posting strong gains on Tuesday amid renewed optimism for an effective coronavirus treatment following US President Donald Trump's discharge from the hospital. At the moment, Royal Caribbean Cruises Ltd (RCL: NYSE), Carnival Corp (CCL: NYSE) and Norwegian Cruise Line Holdings Ltd (NCLH: NYSE) shares are up between 5.9% and 5.6%.