Editor

Boeing supplier Spirit AeroSystems to lay off about 400 employees, memo says

(Reuters) -Spirit AeroSystems is laying off several hundred members of its workforce in Wichita, Kan., according to an internal memo, as the company deals with high debt and slowed production at Boeing, its key customer. \”The recent slowdown in the delivery rate on commercial programs compels a reduction to our workforce in Wichita,\” spokesman Joe Buccino said. \”In the coming weeks, we will inform affected employees. We are committed to implementing this transition in as … Read more…

The Dow’s climb to a record 40,000 points

By Saqib Iqbal Ahmed and Lewis Krauskopf NEW YORK (Reuters) – The Dow Jones Industrial Average, a laggard among the major U.S. stock indexes this year, got its moment in the spotlight on Thursday as it briefly broke above 40,000 points for the first time in its history. The record on the Dow – as well as fresh records on the S&P 500 and Nasdaq Composite earlier this week – come as investors grow more … Read more…

From Bear to Bull – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) April showers bring May flowers…..the bear scampered off, the bull charged in, and the market sizzled…just what the street needed. Friday finished convincingly, with all indexes on fire nudging new highs. After a dismal April, with stubborn inflation and constant negative inflation news there-of, May has had a spate of positive indicators. Corporate earnings, leveling of labor and wages have given investors indications that inflation trends are heading downward. … Read more…

Analysis-Walmart’s strong forecast signals a resilient consumer

By Siddharth Cavale and Aishwarya Venugopal (Reuters) – A positive forecast from retail bellwether Walmart on Thursday signaled a resilient U.S. shopper, in line with earlier remarks by one of its key suppliers and one of its retail rivals. American shoppers are opening their wallets, spending money on bargain-priced goods in stores and online, with many people turning to Walmart’s delivery service for convenience, Walmart executives said on Thursday. The nation’s largest retailer raised its … Read more…

Tesla gets local council go-ahead for German factory expansion

GRUENHEIDE, Germany (Reuters) – Tesla got the go-ahead for an expansion of its German factory in Gruenheide near Berlin from the local council on Thursday despite protests against the U.S. electric vehicle maker’s plans. The green light from the Gruenheide council is just the first in a series of hurdles Tesla needs to clear before being able to start its expansion to add logistical spaces including a train station. The expansion must also be approved … Read more…

Dow tops 40,000, Biden trolls Trump in split-screen video

WASHINGTON (Reuters) – The Dow topped 40,000 for the first time on Thursday in an all-time high, giving U.S. President Joe Biden an opening to prove his Republican election rival’s 2020 predictions wrong. The state of the U.S. economy looms as one of the larger factors weighing on the Democratic president’s bid for reelection. Persistently high prices have hindered Biden’s efforts to win credit from voters for his handling of the economy, although inflation in … Read more…

JPMorgan investors weigh CEO Dimon’s strategy, succession after record year

By Nupur Anand NEW YORK (Reuters) – With JPMorgan Chase coming off a year of record profits, investors are eager to learn about the firm’s succession plans, investments in artificial intelligence and opportunities beyond traditional banking. Chief Executive Jamie Dimon and his team will be presenting their growth strategies and financial targets on Monday at JPMorgan’s investor day in New York. More than 18 years into Dimon’s tenure as CEO of the bank, JPMorgan’s shares … Read more…

Fed gets some good news on inflation progress

By Ann Saphir (Reuters) – Federal Reserve policymakers waiting to see renewed progress on inflation before reducing borrowing costs got some encouraging data on Wednesday with a government report showing inflation eased a bit in April.    The 3.4% rise in the consumer price index from a year earlier, and the 0.3% increase from March, shows the Fed still has some distance to go before it achieves its 2% target for inflation. But the report … Read more…

Explainer-How Boeing could face the criminal prosecution it avoided in 2021

(Reuters) – The U.S. Justice Department said Boeing breached its obligations under a 2021 agreement that kept the planemaker from criminal prosecution following fatal 737 MAX crashes in 2018 and 2019 that killed 346 people. The finding raises the prospect of Boeing facing prosecution it had previously avoided, which could result in fresh penalties and deepen an ongoing corporate crisis that has already resulted in a management shakeup and government investigations. Boeing failed to “design, … Read more…

AI’s use in finance may need new rules, ECB says

FRANKFURT (Reuters) – The use of artificial intelligence in finance is still in its infancy but it needs to be monitored and possibly regulated to prevent harm to consumers and ensure the proper functioning of markets, the European Central Bank said on Wednesday. The ECB saw a number of opportunities from the use of generative AI by banks and other financial institutions, such as superior processing of information, more efficient customer service and even a … Read more…