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Reading: Boeing Workers Strike for First Time in 16 Years, Missing Out on Federal Cut Rally.
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Gulf Press > Business > Forex > Boeing Workers Strike for First Time in 16 Years, Missing Out on Federal Cut Rally.
Forex

Boeing Workers Strike for First Time in 16 Years, Missing Out on Federal Cut Rally.

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Last updated: 2024/09/15 at 12:17 AM
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A major strike by 33,000 Boeing workers on Friday has caused the Dow Jones stock to be left out of the market rally, as it faces internal issues and uncertainties. The strike, the first in over a decade, comes as workers demand a 40% increase in pay over four years, while management has only offered a 25% raise. This could cost the company up to $1.5 billion if it lasts 30 days, impacting production of the 737 MAX line of airplanes.

The Dow Jones Industrial Average (DJIA) gained 0.9% on Friday, with hopes growing for a 50 bps interest rate cut from the Federal Reserve at the upcoming September 18 meeting. Despite Boeing stock falling by 3.4% at the time, Wall Street remains positive about the potential rate cut and its impact on the market. It is believed that a deeper cut may be necessary given the current economic indicators.

Inflation expectations fell to the lowest level in eight months, with the University of Michigan Consumer Sentiment Index showing a decrease in year-ahead inflation expectations to 2.7%. Import prices also dropped significantly in August, adding to the case for a larger interest rate cut. Former New York Fed President Bill Dudley has highlighted a “strong case” for a 50 bps cut, and the expectation for such a cut has increased to 43% ahead of the FOMC meeting.

Boeing has faced a series of challenges in recent years, including lawsuits, government investigations, and safety issues following passenger airline crashes. The company’s stock has dropped by 40% this year and 58% over the past five years, reflecting the negative sentiment surrounding the company. The strike by unionized workers adds further pressure on Boeing as it navigates through these difficult times.

Despite the challenges faced by Boeing, there is still hope that the company can recover and bounce back. The stock price has seen significant declines but may find support at the $120 level, based on historical price action. As Wall Street remains optimistic about the potential rate cut and its impact on the market, there is still a possibility for Boeing to turn things around and regain its position as a leading aeronautics company.

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News Room September 15, 2024
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