• 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and another black eye for Boeing.

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00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching
00:03on the street today. Stocks are coming off a mixed yet winning session on Wall Street
00:07after the S&P 500 and the Nasdaq notched record highs. Investors look ahead to a busy week
00:12with the start of second quarter earnings season, Fed Chair Powell's testimony to Congress
00:17and key inflation data expected. In other business headlines, Boeing has agreed to plead
00:23guilty to defrauding the Federal Aviation Administration. The guilty plea is to one
00:28charge of conspiracy to defraud the United States stemming from its role in two max 737
00:34crashes that killed 346 people. According to the Department of Justice, Boeing deceived
00:40the FAA during the certification process for the aircraft model. Boeing will pay up to
00:45$487 million in fines. However, families of the victims sought more than $24 billion.
00:53Despite the fine and reputational damage, Boeing avoided what could have been a disastrous
00:58blow to the company's future, losing its right to do business with the government. 37 percent
01:04of its revenue in 2023 came from federal contracts. However, the Department of Justice said the
01:09plea only resolves the issue with the Boeing company itself and not with any individual
01:15for their potential roles in the deception, nor does the plea cover any newer incidents
01:20involving the 737 Max. Boeing has lost roughly $32 billion since its 737 Max fleet was temporarily
01:28grounded after the second fatal crash in 2019. That'll do it for your daily briefing from
01:33the New York Stock Exchange. I'm Conway Gittens with The Street.

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