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Morning Brief: Boeing shares fall 10% after Ethiopian Airlines crash

Monday, March 11, 2019

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WHAT TO WATCH

The U.S. economy is in focus after Friday’s weaker-than-expected payrolls report. While payrolls added disappointed, wage growth was very strong. And so is the economy accelerating or decelerating? We’ll get a better understanding at 8:30 a.m ET with the release of the January retail sales report, which is coming on a delay due to the recent government shutdown. Economist estimate 0.0% growth, an improvement from the 1.2% decline in December.

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TOP NEWS

BEIJING, CHINA - MARCH 11: A Boeing 737 Max airplane is pictured on March 11, 2019 in Beijing, China. China's aviation regulator has ordered domestic airlines to suspend their Boeing 737 Max aircraft, according to Caijing on Monday. (Photo by VCG/VCG via Getty Images)
A Boeing 737 Max airplane is pictured on March 11, 2019 in Beijing, China. China's aviation regulator has ordered domestic airlines to suspend their Boeing 737 Max aircraft, according to Caijing on Monday. (Photo by VCG/VCG via Getty Images)

Boeing's $55B rally put to the test after Ethiopia crash: News of a Boeing Co. (BA) 737 Max crash operated by Ethiopian Airlines is bringing out equity bears. Futures contracts on the Dow Jones Industrial Average Index slid as much as 0.7% on Monday after Flight ET302 plunged to the ground minutes after leaving Addis Ababa en route to Nairobi, Kenya, killing all 157 people on board. [Bloomberg]

Fed Chair Powell says ‘no’ President Trump cannot fire him: It was a busy weekend for Federal Reserve Chairman Jerome Powell, who spoke on Friday night in California and then on Sunday night on CBS’s 60 Minutes. Powell did not offer anything new on the central bank’s rate hike path going forward, but made some news regarding the Fed’s independence. [Yahoo Finance]

Trump budget sets up another battle over wall funding: President Donald Trump is reviving his border wall fight, preparing a new budget that will seek $8.6 billion for the U.S-Mexico barrier while imposing steep spending cuts to other domestic programs and setting the stage for another fiscal battle. [Associated Press]

Tesla to raise vehicle prices, keep more stores open: Electric carmaker Tesla Inc. (TSLA) said on Sunday it will raise prices of its high-end vehicles by about 3% on average as it plans to keep more retail stores open than planned. [Reuters]

Nvidia nears deal to buy Mellanox Technologies: Chipmaker Nvidia Corp. (NVDA) is nearing a deal to acquire peer Mellanox Technologies Ltd for more than $7 billion in cash, a person familiar with the matter said on Sunday. [Reuters]

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