TLDR

MARKET RECAP → The S&P 500 (VOO) crept higher on Tuesday, marking two consecutive days in the green as investors continued to survey the dynamic economic environment.

SOUTHWEST CHAIR STEPPING DOWN → ✈️ Southwest Airlines’ (LUV) chairman, Gary Kelly, announced plans to step down in 2025 amid pressure from activist investor Elliott Management, signaling potential changes in leadership and strategy.

BMW CUTS PROFIT OUTLOOK → 🚗 BMW slashed its 2024 profit forecast due to technical issues and weaker demand in China, as competition in the luxury car and EV markets intensified.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Southwest Chair Stepping Down 

✈️ Southwest Airlines’ (LUV) chairman, Gary Kelly, announced plans to step down in 2025 as activist investor Elliott Management pushed for changes. Kelly, who led Southwest for two decades, guided the company through major growth and challenges.

💼 Elliott Management increased pressure on Southwest, advocating for strategic shifts to boost profitability and improve operational efficiency. The move highlighted the growing influence of activist investors in reshaping airline leadership.

🛫 Kelly’s departure signaled a potential shift in Southwest’s direction, with the airline navigating post-pandemic recovery, rising competition, and evolving customer demands. Investors watched closely for leadership transitions and future strategy.

TODAY’S TOP NEWS

BMW Cuts Profit Outlook

🚗 BMW lowered its 2024 profit margin forecast due to technical issues and weaker demand in China, its largest market. These setbacks hit during a period of intense competition in the global luxury car market.

🌏 Sluggish economic growth in China, along with rising competition from domestic electric vehicle brands, put pressure on BMW’s sales. Technical issues also added unexpected costs, impacting the company’s bottom line.

📉 Despite these challenges, BMW remained focused on its long-term strategy, emphasizing innovation and electric vehicle development. However, the short-term outlook showed the company facing hurdles in maintaining profitability.

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