TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, February 5.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks got off to a slow start as investors react to comments from Fed Chair Jerome Powell. In an interview with 60 Minutes, he threw more cold water on interest rate cuts, saying that the job is not quite done on cooling inflation.
Separately, investors are looking ahead to another busy week of earnings. Pinterest, Snap, Disney, Spotify, and several others will all release results this week.
In other news, another issue was found during the production of Boeing 737 Max jets. One of Boeing’s suppliers, Spirit AeroSystems – which makes the main body of the aircraft – notified the company that two holes may not have been drilled to Boeing’s specifications.
In a statement, Boeing’s head of its Commercial Aircraft unit said, “While this potential condition is not an immediate flight safety issue and all 737s can continue operating safely, we currently believe we will have to perform rework on about 50 undelivered airplanes.”
This new problem comes just a month after an incident on an Alaska Airlines flight in which a door plug blew out mid-flight, leaving a huge hole in the side of the plane. That led to Boeing grounding its fleet of 737 Max 9 aircraft.
And those groundings, along with several stints of halted production on other Max planes, have led to big losses for Boeing. The company reported $2.2 billion lost in 2023 and almost $27 billion over the last five years.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
