The Boeing 777X launch will now be delayed even longer.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The S&P 500 and the Nasdaq both snapped 8-day winning streaks as investors take a break from a torrid buying pace. Eyes remain on the retail sector. Lowe’s managed to beat second-quarter profit forecasts but sales were softer than expected and the home improvement retailer warned of weaker results for the rest of the year.
Wednesday will be busy for corporate reporting. Results are due from Target, TJX, Macy’s, Snowflake and Toll Brothers.
In other news: There are more problems at Boeing. A test flight for the long-delayed 777x revealed a structural issue between the engine and the wings of the plane.
In a statement to media outlet “The Air Current”, which broke the news, Boeing said “During scheduled maintenance, we identified a component that did not perform as designed, our team is replacing the part and capturing and learning from the component and will resume flight testing when ready.”
This is just the latest setback for a plane that was supposed to be up in the air four years ago. And that’s not Boeing’s only problem. This revelation followed one-day after the FAA ordered inspections of all 787 Dreamliners after the superjumbo jet went into a sudden nosedive back in March. In addition, there was that infamous Alaska Airlines incident in January when a door blew out mid-flight on a 737 Max.
Boeing’s new CEO has his hands full with quality concerns, safety lapses, numerous federal probes, whistleblower allegations, and delivery delays that have eroded the company’s once stellar reputation and wiped out $33 billion in sales since 2019.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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