Stocks are under pressure due to the big sell off in Boeing (BA) this morning. Crude oil is also selling off along with gold and silver, while Treasuries and the dollar are flat.
Shares of Boeing, its key supplier Spirit AeroSystems Holdings (SPR), and big airline users of the Max 9 airplane Alaska Air Group (ALK) and United Airlines Holdings (UAL) are all selling off. Alaska Airlines Flight 1282 suffered a fuselage failure over the weekend, with a side panel getting ripped off the airplane as it was ascending from the Portland, Oregon airport.
Boeing (BA)
Investigators recovered the panel from someone’s backyard, and they’ll be trying to piece together what caused the accident. Fortunately, none of the 171 passengers on board or the flight crew was killed or seriously injured. The Federal Aviation Administration (FAA) grounded 171 Max 9 jets around the world so they could be examined.
Several spot Bitcoin ETF applications have been updated and delivered to the Securities and Exchange Commission (SEC), which has until Jan. 10 to review and take action on them. The SEC will likely approve one or more for trading, a watershed moment for the cryptocurrency market because it will bring billions of dollars in “mainstream” and institutional money into the asset class. Fidelity, BlackRock, Invesco, and WisdomTree are among the 13 ETF sponsors looking to launch crypto ETFs.
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