The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Boeing won’t be hiring new employees anytime soon.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:04on the street today.
00:05The Dow set a record closing high on Monday, but the broader market struggled on the back
00:09of weakness by Apple.
00:11The stock was under pressure amid speculation.
00:14Debut pre-orders for the new iPhone 16 are not strong enough.
00:18Anticipation is building toward the Federal Reserve's decision on interest rates.
00:22Policymakers begin their two-day meeting on Tuesday.
00:25Investors will also have the latest retail sales figures to look over.
00:30Turning to other business headlines, Boeing is tightening its belt as the workers' strike
00:35halts production of its money-making 737 aircraft.
00:38More than 30,000 workers walked off the factory floor last week and are now on the picket
00:43line.
00:44One analyst says Boeing will lose a million dollars every day the workers are on strike.
00:50So Boeing is in money-saving mode with a hiring freeze, the possibility of temporary
00:56layoffs and a ban on unnecessary staff travel.
01:00In addition, Boeing put a halt on supply purchases for its 737, 767 and 777 jets.
01:07This could cause a domino effect among smaller suppliers, with Boeing directly or indirectly
01:12supporting 1.6 million jobs.
01:16CFO Brian West told employees in a letter, quote,
01:19This strike jeopardizes our recovery in a significant way, and we must take necessary
01:25actions to preserve cash and safeguard our shared future.
01:30The strike has already put Boeing's credit rating in jeopardy, which would mean higher
01:34borrowing costs at a time when revenues won't be flowing in.
01:37Boeing already burned through $8 billion in the first half of the year, and the strike
01:43will make its financial situation more tenuous.
01:46That'll do it for your daily briefing from the New York Stock Exchange.
01:49I'm Conway Giddens with the Street.

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