After a week of losses at the start of the year, shares recovered on Monday. The broad S&P 500 closed around 1.4% higher, while the tech-heavy Nasdaq posted a whopping 2.2% gain. The Dow only improved about half a percentage point as the decline in its Boeing component weighed on the blue-chip index. (More on Boeing below.) This week, investors are focusing on inflation, with the consumer price index and producer price index due on Thursday and Friday, respectively. Earnings season also begins this week: JPMorgan, Citigroup, Wells Fargo, Bank of America, Delta Air Lines and UnitedHealth all report on Friday. Follow live market updates.
In this photo released by the National Transportation Safety Board, NTSB lead investigator John Lovell examines the fuselage plug area of Alaska Airlines Flight 1282 on Sunday, Jan. 7, 2024, in Portland, Oregon.
National Transportation Safety Board via AP
Shares of plane maker Boeing fell 8% on Monday, days after a panel on an Alaska Airlines plane broke mid-flight. After the incident, which resulted in no fatalities or serious injuries, the Federal Aviation Administration grounded dozens of Boeing 737 Max 9 planes from various airlines and ordered inspections. In fact, United Airlines said Monday that it found loose screws in the door plugs of several of its Max 9s while conducting such inspections. Alaska also said it found “loose hardware” during investigations. Meanwhile, Boeing is under even more pressure due to recent problems with its aircraft.
Sam Altman, CEO of OpenAI, at the Hope Global Forums annual meeting in Atlanta, Georgia, USA, on Monday, December 11, 2023.
Dustin Chambers | Bloomberg | Getty Images
The New York Times has sued ChatGPT maker OpenAI for copyright infringement over its use of the publication's material to train artificial intelligence technology. Answer from ChatGPT: Nothing to see here. “Training is fair use, but we offer an opt-out because it’s the right thing to do,” the Microsoft-backed startup said, adding that so-called “regurgitation” of certain content is “a rare mistake we make work.' Both nonfiction and fiction authors have sued OpenAI for allegedly using their work to train the technology without their consent.
Jet Blue Airways CEO Robin Hayes is interviewed by Portal at the International Air Transport Association (IATA) annual general meeting on October 5, 2021 in Boston, Massachusetts.
Brian Snyder | Portal
As JetBlue awaits a federal judge's decision on its planned purchase of budget airline Spirit, it is reshuffling its top spots. CEO Robin Hayes will step down in February, the company said Monday, and operations chief Joanna Geraghty will replace him. Hayes, an industry veteran with more than 30 years of experience, noted the pressures that come with the job in his announcement. “The extraordinary challenges and pressures of this job have taken their toll and, on the advice of my doctor and after a discussion with my wife, it is time for me to focus more on my health and wellbeing,” he said. Meanwhile, JetBlue expects a decision in the coming weeks on the Spirit deal, which the Justice Department has challenged on competition grounds.
Jaap Arriens | Photo only | Getty Images
Shein, the fast-fashion e-commerce company with roots in China, has been under intense scrutiny over environmental and forced labor concerns. As the retail giant now seeks a public stock offering in the US, there will be increased focus on its financials. Reports and speculation put the company at around $30 billion in annual revenue, but the CEO of one of its partners disputes that figure. In fact, he says it's much more than that. “There are rumors that they are making $30 billion, or $40 billion? Do they make 35 billion? I won't tell you exactly what they do, but I can tell you they make a lot more than $30 billion,” Jamie Salter, CEO of private brand management company Authentic Brands Group, said at a retail conference in Orlando. Shein did not immediately respond to CNBC's request for comment.
—CNBC's Sarah Min, Leslie Josephs, Hayden Field, Sara Salinas and Gabrielle Fonrouge contributed to this report.
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