The Street
  • 5 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and the latest on the CrowdStrike IT outage.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:05Volatility has returned to Wall Street with stocks zigzagging from day to day.
00:09Investors are grappling with concerns that the recent run in tech stocks may have gone too far too fast.
00:16Meanwhile, earnings season brings fresh information to trade on. American Express posted mixed results Friday. Its affluent customer base
00:25continued to spend last quarter, and even though that spending was not as robust as forecast, the company still beat profit targets.
00:33In other news, a worldwide software glitch has mercilessly grounded many
00:38operations to a halt in what is being described as the largest IT outage in history. The glitch,
00:44which was identified and fixed by software security firm CrowdStrike,
00:48impacted computers worldwide that use Microsoft's operating system.
00:53Airlines have been forced to ground flights, hospitals are scrambling to reboot systems, and media companies were knocked off the air.
01:00Industries on every continent, from trading desks in Europe, to banking systems in Africa, to emergency service operations in Asia, were all
01:08impacted. CrowdStrike CEO George Kurtz went on CNBC where he apologized to, quote, every person and every company
01:17impacted by the snafu. In a separate interview on NBC,
01:21he said many of his customers have rebooted their computers,
01:24but for others, quote, it could be some time for some systems that won't automatically recover.
01:31CrowdStrike did make clear that this was not a security incident or a cyber attack.
01:37That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with the street.

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