Boeing ‘guilty plea,’ French far-right gains

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Boeing ‘guilty plea,’ French far-right gains

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Traders work on the floor of the New York Stock Exchange during morning trading on July 06, 2023 in New York City. 

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What you need to know today

Dow lags tech rally The

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rose about 3.8% in the first six months of the year, lagging way behind the

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, up 18.1%, and the

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, which

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— as investors plowed into artificial intelligence-related stocks. On Friday, the S&P 500 and Nasdaq

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. The yield on the 10-year

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as investors digested the latest inflation data.

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for the third straight week amid fears of a

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. 

Boeing ‘guilty plea’

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from

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over a charge related to two fatal 737 Max crashes in 2018 and 2019, attorneys for the victims’ family members said. The Justice Department is reviewing whether

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that shielded the company from federal charges. Boeing agreed then to pay a $2.5 billion penalty for a *********** charge tied to the crashes. The DOJ revisited the agreement after a door panel blew out of a new 737 Max 9 in January, sparking a new safety crisis. Separately, Boeing

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for $4.7 billion in an all-stock deal to improve safety and quality.

Far-right gainsMarine Le Pen’s far-right

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in the first round of France’s parliamentary election, securing 34% of the vote, according to exit polls. The leftist New Popular Front (NFP) alliance received 28.1%, while while President Emmanuel Macron’s centrist bloc was pushed into third place with 20.3%. Macron called a snap election to counter far-right influence, but it seems his gamble has strengthened his political adversaries. The final outcome will be determined after a run-off on July 7.

Under *****

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CEO John Donahoe

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as the company’s stock plummeted 20% on Friday, its worst day since 1980, after forecasting a significant decline in sales. As Wall Street digested the dismal

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from the world’s largest sportswear company, at least six investment banks downgraded Nike’s stock. Analysts at

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and

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took it a step further, specifically calling the company’s management into question.

****** stocks mixed, China dipsMainland China’s CSI 300 fell 0.1% as

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showed manufacturing contracted for a second straight month. However, a private manufacturing survey showed the

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in three years. Hong Kong’s

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index was closed for a public holiday. Elsewhere, Japan’s

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was little changed as

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data showed the economy contracted by 2.9% year on year, from 1.8% reported earlier. The

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—

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so far this year — rose and South Korea’s

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inched higher, while Australia’s

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fell.

 [PRO] Rally will broadenThe tech sector has driven market performance in 2024, with the

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tech group up 28% and

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soaring 149%, while small-caps have lagged. Oppenheimer’s chief market strategist John

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. CNBC’s Lisa Kailai Han looks at the

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. 

The bottom line

The New York Times editorial board has

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, calling for him to step aside.

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at electing a new president,

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in the first round of snap elections that saw big gains for Marie Le Pen’s far-right party and Brits will go to the polls on Thursday.

It’s a busy political environment for markets to navigate. Wall Street has shown remarkable resilience thanks to the

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in the first half of the year, which has seen the

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soar 18% so far.

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is up almost 150%. There could be more to come; Bank of America believes Nvidia and Apple could still deliver “

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.”

While

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on the Street expects the rally to broaden away from the mega-caps,

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. The company had its worst day of trading since its IPO in December 1980, losing $28 billion in market cap on Friday after

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.

John Donahoe was brought in from

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to transform the athletic apparel giant’s digital channels. The company ditched its retail partners, became too dependent on its

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and lost ground to new contenders Hoka and On Running. It’ll certainly make an interesting case study for MBA programs for all the wrong reasons. As Wall Street questioned Donahoe’s position, he still had the

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.

Friday also saw the

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come in line with expectations, raising the prospect of interest rate cuts later this year.

“I really think the Fed should tee up a cut at the July 31 meeting, confirm it at Jackson ***** in August and do it in September,”

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told CNBC’s “Squawk on the Street.” He added that one or maybe one-and-a-half rate cuts have already been priced in.

“I actually think there will be more because there might be a little bit more softness in the economy and better inflation numbers, both of those feeding better rates,” he continued. Siegel also said it is “hard to say” where the bull market’s trajectory currently stands.

In a four-day trading week — markets are closed for the July 4 Independence Day holiday — the big economic number to watch is the June jobless data on Friday. CNBC’s Sarah Min has

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 — CNBC’s Lisa Kailai Han, Yun Li, Jeff Cox, Leslie Josephs, Gabrielle Fonrouge, Hakyung Kim, Brian Evans, Spencer Kimball, Ryan Browne, MacKenzie Sigalos, Holly Ellyatt and Lim Hui Jie contributed to this report.

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John Donahoe,Joe Biden,NVIDIA Corp,Emmanuel Macron,Elections,Asia News,Nikkei 225 Index,China,*******,Hezbollah,Morgan Stanley,Nike Inc,France,Spirit Aerosystems Holdings Inc,Oil and Gas,S&P Rating Services,Nasdaq Inc,Boeing Co,Dow Jones Industrial Average,business news
#Boeing #guilty #plea #French #farright #gains

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