TLDR

MARKET RECAP → Stocks surged on Wednesday after the Federal Reserve kept interest rates unchanged, meeting expectations, and noted progress against inflation. Investors also flocked back to megacap tech stocks as chipmakers saw significant gains.

BOEING'S LEADERSHIP SHAKE-UP →✈️ Boeing (BA) appointed Kelly Ortberg as the new CEO, replacing Dave Calhoun, who planned to stay through year-end to ensure stability amid a broader management overhaul.

DELTA'S $500 MILLION TECH TURBULENCE → 💸 Delta Air Lines (DAL) suffered a $500 million hit after a CrowdStrike (CRWD) glitch caused 5,400 flight cancellations and major compensation costs, putting their reliability and future bookings at risk​.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Boeing's Leadership Shake-Up

✈️ New CEO Alert: Boeing announced Kelly Ortberg, former CEO of Rockwell Collins, as their new CEO starting August 8. Ortberg replaced Dave Calhoun, who faced scrutiny amid Boeing's substantial $1.4 billion quarterly loss.

📉 Calhoun's Exit: Calhoun's departure came as Boeing dealt with triple the losses from the previous year. His tenure was marked by significant challenges, making Ortberg's appointment a strategic move to navigate these turbulent times.

👨‍✈️ Ortberg's Experience: Ortberg, respected in the aerospace industry, emphasized his commitment to safety and quality. With a career starting in 1983, his leadership is expected to steer Boeing through this crucial period.

TODAY’S TOP NEWS

Delta's $500 Million Tech Turbulence

💸 Massive Financial Blow: Delta Air Lines faced a staggering $500 million loss due to an IT outage caused by a CrowdStrike software glitch. The incident disrupted operations, leading to over 5,400 flight cancellations and significant customer compensation expenses​.

🏨 Compensation Chaos: The financial hit included millions of dollars per day for passenger accommodations and compensation. Analysts slashed Delta's third-quarter earnings estimates, reflecting the high operational costs and potential fines from the Department of Transportation's investigation.

📉 Reputation at Risk: Beyond the immediate financial impact, the outage tarnished Delta's reputation for reliability. The prolonged disruption and federal scrutiny may affect future bookings, adding to the airline's woes as it worked to restore normal operations by July 25.

BULL VS. BEAR

NOTABLE POSTS

KEEP READING

Private payroll growth slowed to 122,000 in July, less than expected, ADP says (CNBC)

Starbucks revenue misses estimates as same-store sales decline for second straight quarter (CNBC)

Washington, D.C., attorney general sues StubHub, alleging deceptive pricing (CNBC)

Spirit Airlines, known for no-frills flying, will offer business-class seats (CNN)

ChatGPT is getting chattier with ‘advanced voice mode’ (CNN)

Elon Musk said Tesla robotaxi skeptics should try ‘full self driving.’ A Wall Street analyst nearly crashed (CNN)

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