Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Boeing stock dropped on Monday following a directive from the Federal Aviation Administration (FAA) to ground a number of its 737 Max 9 aircraft for immediate inspections. This decision came in response to an incident involving an Alaska Airlines flight, where part of the plane detached mid-flight at about 16,000 feet. This grounding order poses a significant challenge for Boeing, which has been working on ramping up production of its Max series. The FAA's emergency directive, influenced by the 737 Max's history of fatal crashes in 2018 and 2019, affects approximately 171 aircraft in the U.S. and its territories. Both Alaska Airlines and United Airlines, major operators of the 737 Max 9, are notably impacted by this development. With around 215 of these models in service globally, this incident brings renewed scrutiny to Boeing's 737 Max series. Boeing has acknowledged the FAA's decision and is cooperating in developing inspection procedures.

2. Goldman Sachs' head of macro research, predicts a new "super cycle" in the global economy, driven by artificial intelligence (AI) and decarbonization. This cycle marks a departure from the previous one that began in the 1980s, characterized by falling interest rates and inflation, and a boost in globalization. The current phase is expected to see a slowdown in financial returns due to increased geopolitical tensions and a retreat from globalization. However, the rapid development and application of AI, coupled with a global shift towards decarbonization, are poised to positively impact economic growth and productivity, akin to the transformative effects of industrialization in the late 19th century.

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4. Headlines

   1. Covid-19 vaccine sales were down by ~66% in 2023.

   2. Samsung is expecting a 35% decrease in Q4 profits below expectations.

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