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

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Transcript
00:00I'm Conway Gittens reporting from the New York Stock Exchange here's what we're
00:03watching on the street today fresh record closing highs for the Dow and the
00:07S&P 500 on Wednesday. Investors are feeling bullish about artificial
00:11intelligence and tech in general as Nvidia did a little bit of showing off
00:16at its AI summit. Shares of the AI chip leader are trading near all-time highs.
00:21Attention turns to the economy Thursday the consumer price index for September
00:26is due meanwhile Delta Airlines will release quarterly results and Tesla
00:30will finally unveil its long-awaited robo-taxi. Sticking with corporate news
00:35talks to end the month-long strike at Boeing have broken down and are not
00:39slated to resume at this time. Boeing seemed especially frustrated with the
00:45union representing roughly 33,000 striking machinists. A Boeing executive
00:49told employees in a note quote unfortunately the union did not
00:53seriously consider our proposals. As a result Boeing has ripped up an offer it
00:58called its quote best and final that would have boosted pay by 30%. The union
01:04however is not backing down union members are holding out for a 40% raise
01:09as part of a long list of grievances. Quote they refuse to propose any wage
01:14increases vacation sick leave accrual progression ratification bonus or the
01:19401k match the union told Reuters adding quote they also would not reinstate the
01:24defined benefit pension. The strike has pushed Boeing deeper into the red it's
01:29estimated to lose 1 billion dollars a month according to S&P global ratings on
01:34top of the 60 billion dollar debt it is already carrying. With production shut
01:40down Boeing is being forced to furlough workers it is also exploring money
01:44raising efforts to remain afloat while the picket line proves to be an
01:48impenetrable force. That'll do it for your daily briefing from the New York
01:52Stock Exchange I'm Conway Gittins with the street.

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