🚀 Boeing Guilty Plea

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Boeing has agreed to plead guilty to a criminal fraud charge related to the fatal 737 Max crashes, as announced by the Justice Department on Sunday. This follows allegations that Boeing violated a 2021 settlement that had protected it from prosecution. The plea deal includes a $243.6 million fine, the installation of an independent compliance monitor for three years, and a minimum investment of $455 million in safety programs. Pending judicial approval, the agreement also requires Boeing's board to meet with the families of crash victims. In May, the DOJ highlighted that Boeing breached a deferred prosecution agreement from 2021, which had entailed $2.5 billion in fines and compensation. The breaches came to light following an incident with a nearly new 737 Max 9, with Boeing accused of deceiving regulators about the flight-control system involved in crashes that claimed 346 lives.

2. Hurricane Beryl struck the Texas coast on Monday, causing widespread devastation with over 1 million power outages and severe flooding in Houston. The storm led to the cancellation of more than 1,300 flights and delays of over 500, severely impacting United Airlines and Southwest Airlines. Having already inflicted considerable damage in the Caribbean, Beryl made landfall as a Category 1 hurricane with 80 mph winds. Texas ports were forced to halt operations, and the FAA issued warnings of nationwide travel disruptions due to thunderstorms.

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4. Headlines

   1. Despite stabilizing prices, consumer perception of price gouging continues to negatively impact “affordable” brands such as Walmart and McDonalds.

   2. Financial markets are reacting positively as the odds of Donald Trump being elected continue to increase.

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