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 has another problem on its hands.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Wall Street is hoping to recover from the beating it took on Tuesday
00:08when a slump in NVIDIA wiped out $279 billion in one stock alone,
00:13the biggest one-day loss for any single stock in history.
00:17The latest economic news is doing little to push back recession fears.
00:21Job openings dropped to 7.7 million in July from 7.9 million in June.
00:27Job postings were down by 1.1 million compared to the same time last year.
00:32The news comes ahead of the all-important jobs report on Friday.
00:36In other business headlines, the headaches for Boeing continue to mount.
00:40The aerospace giant is facing the potential strike of 32,000 workers
00:45before the month of September is out.
00:47Employees who are part of the International Association of Machinists
00:50will see their labor agreement end on September 12th.
00:53If a new deal isn't reached, these workers, who have the vital task of building Boeing airplanes,
00:59could hit the company with its first walkout in 16 years.
01:03So far, negotiations are not going well, according to one local union official.
01:07The two sides are at odds over pay, health insurance, retirement and paid time off.
01:13Boeing can hardly afford a worker strike at a time when it's already bleeding billions of dollars
01:19and its once stellar manufacturing reputation is in tatters.
01:22Most recently, safety issues at its spacecraft unit
01:26have left NASA astronauts stranded at the International Space Station.
01:30Meanwhile, at Boeing's airplane division, its credibility took another ding
01:35after a door flew off a 737 Max plane mid-flight in January.
01:39And that's after two deadly crashes grounded Boeing's most profitable plane from 2019 to 2020.
01:47That'll do it for your daily briefing from the New York Stock Exchange.
01:50I'm Conway Giddens with the Street.

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