Boeing alone will cost the Dow more than 200 points

Boeing is set to tumble more than 8 percent on Monday, a move that will likely keep the Dow Jones Industrial Average lower on the day.

The stock's sharp move down is on pace to cost the 30-stock Dow nearly 250 points. Boeing has by far the biggest influence on the Dow given the index is price weighted. In other words, a higher share price will have a greater impact on the Dow.

Boeing's outsized influence over the Dow was reflected in the futures market as Dow Jones Industrial Average Futures fell more than 100 points while S&P 500 and Nasdaq 100 futures were slightly higher. In other words, the Dow would be positive if not for Boeing's drop.

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Boeing closed at $422.54 per share on Friday. However, the stock traded around $385 on Monday after an Ethiopian Airlines flight crashed on Sunday, killing all 157 people on board.

The plane used on the flight was a 737 MAX 8 jet, one of Boeing's top-selling airplanes. The crash raised concern over the model's safety as it comes less than six months after another deadly crash involving the 737 MAX 8. Several countries, including China and Indonesia, grounded all flights involving the aircraft.

"We anticipate heightened volatility in Boeing shares," said Morgan Stanley analyst Rajeev Lalwani in a note to clients. "Though it is early to draw conclusions, there may be concerns of disruption around safety, production, groundings, and/or costs, all of which should be manageable longer-term."

—CNBC's Michael Bloom contributed to this report.

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