TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, January 12.
Related: Boeing CEO admits to mistakes in Max 9 blowout, vows transparency in probe
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin, reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
Investors are digesting a better-than-expected inflation report – wholesale prices fell 0.1 percent in December, below analysts' expectations of a 0.1 percent increase. This is an encouraging sign as the Fed attempts to bring inflation back down to earth.
Investors are also reacting to the start of earnings season. JPMorgan, Bank of America, and Citigroup all reported disappointing fourth-quarter earnings. Bank earnings are typically closely watched by Wall Street to determine the health of the U.S. economy.
In other news - if it seems like everyone is traveling abroad except you, you could have a point. In its earnings, Delta’s fourth-quarter income more than doubled from 2022, largely thanks to a steep increase in international travel.
Delta said international travel was 25 percent higher than the same reporting period in 2022 and expects the trend to continue. And the airline is putting its money where its mouth is, announcing a plan to buy 20 Airbus A350-1000 long-range jets and options to buy 20 more.
This comes as the Boeing 737 MAX 9 remains grounded during an ongoing FAA investigation of Boeing’s part in an incident that saw Alaska Airlines experience a mid-flight blowout of a door plug.
Delta, which operates both Airbus and Boeing jets, says the investigation has nothing to do with its decision to build out its Airbus fleet. In an interview, Delta CEO Ed Bastian said Boeing needs to do well - quote “It’s a great company. It’s an important company to our country and our industry.”
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
