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, January 8th.
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 are coming off their first losing week in ten weeks as investors reacted to a hotter than expected jobs report and comments from Fed officials which indicated uncertainty ahead.
This week, Wall Street is looking ahead to further comments from the Federal Reserve and a key inflation report out Thursday.
In other news - Boeing is once again facing an investigation over a malfunction on one of its planes. On January 6, a door plug blew out on an Alaska Airlines flight when the plane was flying at 16,000 feet. The 63 pound, four-foot long panel was eventually found near Portland, Oregon. The plane was forced to make an emergency landing and no one was seriously injured.
According to the Federal Aviation Administration, the plane was a Boeing 737 Max 9 aircraft and had only been in service for about three months, making around 150 flights since October 2023. Of the 215 Max 9 planes used worldwide, the F.A.A has since grounded 171 of them under its emergency airworthiness directive - and has called for immediate inspections.
Boeing CEO Dave Calhoun wrote a letter to employees after the incident, saying quote “While we’ve made progress in strengthening our safety management and quality control systems and processes in the last few years, situations like this are a reminder that we must remain focused on continuing to improve every day.”
The Max 9 is a larger version of Boeing’s Max 8, which was involved in two fatal crashes in 2018 and 2019, leading to the plane being grounded worldwide for almost two years.
Alaska Airlines and United Airlines are the only two U.S airlines that fly the Boeing Max 9. They’ve canceled over 300 flights combined on Monday.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
