Here are the top news investors need to start their trading day:
1. Welcome back
Stocks rebounded to start the year on Monday after a week of losses. The broad S&P 500 ended roughly 1.4% higher, while the tech-heavy Nasdaq jumped a stellar 2.2%. The Dow improved only about half a percentage point as a slide in component Boeing weighed on the blue chip index. (More Hon Boeing Investors are focusing on inflation this week, with the consumer price index and producer price index due to be released on Thursday and Friday. This week also marks the start of scoring season: JPMorgan, Citigroup, Wells Fargo, American bank, Delta Air Lines and UnitedHealth everyone reports friday. Follow live market updates.
2. Bad time for Boeing
In this photo released by the National Transportation Safety Board, NTSB investigator John Lovell examines the fuselage plug area of Alaska Airlines Flight 1282 on Sunday, Jan. 7, 2024, in Portland, Ore.
National Transportation Safety Board via AP
Shares of plane maker Boeing plunged 8% on Monday, just days after the panel went up in flames Alaska Airlines plane in mid-flight. After the crash, which resulted in no deaths or serious injuries, the Federal Aviation Administration grounded dozens of Boeing 737 Max 9s across various airlines and called for an inspection. Indeed, United Airlines said Monday that while performing such checks, it found loose screws in the door plugs on several of its Max 9s. Alaska also said it found “loose hardware” during the examination. Boeing, meanwhile, finds itself under even greater scrutiny after the latest problems with its planes.
3. ‘Rare Bugs’
Sam Altman, CEO of OpenAI, at the annual Hope Global Forums meeting in Atlanta, Georgia, USA, on Monday, December 11, 2023.
Dustin Chambers | Bloomberg | Getty Images
The New York Times sued ChatGPT maker OpenAI for copyright infringement over the use of the publication’s material in training artificial intelligence technology. ChatGPT Response: Nothing to see here. “Training is fair use, but we’re making an exception because it’s the right thing to do,” he said Microsoft-backed startup said, adding that the so-called “regurgitation” of specific content “is a rare bug that we are working to eliminate to zero.” But The Times isn’t the only one to say that ChatGPT, which has exploded in popularity since its debut more than a year ago, has been dazzled by the work. Both nonfiction and fiction authors have sued OpenAI for allegedly using their work to train technology without their consent.
4. JetBlue shakeup
Robin Hayes, CEO of Jet Blue Airways, speaks to Reuters at the International Air Transport Association (IATA) Annual General Meeting in Boston, Massachusetts, on October 5, 2021.
Brian Snyder | Reuters
He is awaiting a federal judge’s decision on the proposed purchase of the discount airline Spirit, JetBlue shuffles its highest bars. Chief executive Robin Hayes will step down in February, the company announced on Monday, and will be replaced by chief operating officer Joanna Geraghty. Hayes, an industry veteran of more than 30 years, cited the pressures of 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 speaking with my wife, it is time for me to focus more on my health and well-being,” he said. Meanwhile, JetBlue expects a decision on the Spirit deal — which the Justice Department challenged over competition concerns — in the coming weeks.
5. CEO recruits Shein
Jaap Arriens | Nurphoto | Getty Images
Shein, a fast-paced e-commerce company with roots in China, has come under a lot of scrutiny over environmental and forced labor concerns. Now that the retail giant is seeking a U.S. public offering, attention will intensify on its finances. Reports and speculation have pegged Shein’s annual sales at around $30 billion, but the CEO of one of its partners disputes that figure. In fact, he says it’s much more than that. “They’re talking about doing 30 billion, doing 40 billion? Are they doing 35 billion? I’m not going to tell you exactly what they’re doing, but I can tell you they’re doing a lot more than $30 billion,” Jamie Salter, CEO of the privately held firm for brand management of Authentic Brands Group, he said at a retail conference in Orlando. Shein did not immediately respond to CNBC’s request for comment.
– Sarah Min, Leslie Josephs, Hayden Field, Sara Salinas and Gabrielle Fonrouge contributed to this report from CNBC.
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