TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why CrowdStrike and Delta are still feuding.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:05Recession talk is back on the table, so investors are selling now and asking questions later.
00:10One trader that I spoke to who's been here at the New York Stock Exchange for 45 years
00:14says the mood is similar to how it felt around the crash of October 1987.
00:19The so-called
00:21Magnificent Seven are bearing the brunt.
00:23Nvidia, Amazon, Tesla, Microsoft, Alphabet, Apple and Meta have seen one trillion dollars in combined
00:31market value wiped out in just a week.
00:34In other news, CrowdStrike is pushing back at Delta Airlines' claims that it is responsible for the airline's
00:41prolonged meltdown after that historic computer outage in July.
00:46CrowdStrike is gearing up for a legal battle after Delta hired high-profile lawyer David Boies and
00:51publicly threatened to sue.
00:53CrowdStrike's legal team sent Delta a letter in response saying quote,
00:56Should Delta pursue this path, Delta will have to explain to the public, its shareholders and ultimately a jury why CrowdStrike took
01:05responsibility for its actions swiftly, transparently and constructively, while Delta did not.
01:11Delta CEO Ed Bastian went on CNBC and blamed CrowdStrike and Microsoft
01:16after the airline was caught up in that software glitch that knocked millions of computers offline globally.
01:22Bastian said the tech snafu blew a half-a-billion-dollar hole in his budget.
01:26Even though other airlines quickly restored service, Delta canceled over 6,000 flights across five days.
01:33Delta wants CrowdStrike to cover the entire loss, but CrowdStrike says its liability is
01:39contractually capped in the quote, single-digit millions.
01:42That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with the streets.