Sign in Subscribe
Cable television broadcasting industry

Stock Market Update: Key Takeaways from June 23rd

Strategic Insights

— 1 min read

The stock market saw a mixed bag of news on June 23rd, with President Donald Trump confirming that the U.S.-China trade deal remains "fully intact" despite comments from a senior advisor that suggested otherwise. Meanwhile, Spirit Aerosystems warned that it may breach financial covenants under its credit agreement due to Boeing's repeated requests to reduce production of 737 MAX parts. Additionally, Starbucks chose Impossible Foods over its rival Beyond Meat for its U.S. breakfast sandwich offering, while Apple announced its plan to ditch Intel chips in Macs in favor of custom-built processors.

Key Takeaways:

  • The U.S.-China trade deal remains "fully intact" according to President Donald Trump, despite comments from a senior advisor suggesting otherwise.
  • Spirit Aerosystems warned that it may breach financial covenants under its credit agreement due to Boeing's repeated requests to reduce production of 737 MAX parts.
  • Starbucks chose Impossible Foods over its rival Beyond Meat for its U.S. breakfast sandwich offering.
  • Apple announced its plan to ditch Intel chips in Macs in favor of custom-built processors.
  • The Dow Jones Industrial Average rose 152 points, or 0.59%, to 26,024 on Monday.
  • The S&P 500 gained 0.66% for its seventh straight day of gains.
  • The Nasdaq Composite was up 1.11% on Monday.

Statistics:

  • The Dow rose 152 points, or 0.59%, to 26,024 on Monday.
  • The S&P 500 gained 0.66% for its seventh straight day of gains.
  • The Nasdaq Composite was up 1.11% on Monday.
  • Spirit Aerosystems' expected annual deliveries to Boeing dropped from 125 to 72 shipsets.
  • Boeing told Spirit Aerosystems it needs fuselages for just 37 jets from now until the end of 2020.

Sources:

  • The Street: "Stock Futures Rise as Trump Says China Trade Deal 'Intact'"
  • Bloomberg: "Starbucks to Offer Impossible Foods Sausage, Egg, and Cheese Sandwich in U.S. Stores"
  • Apple's Worldwide Developers Conference: "Apple to Ship Macs with Own Processors Later This Year"
  • Boeing's regulatory filing: "Spirit Aerosystems: B737 MAX Grounding, Covid-19 Pandemic a Challenging Dynamic and Evolving Situation"
  • Impossible Foods: "Impossible Foods to Supply Plant-Based Meat to Starbucks in U.S."
  • Beyond Meat: "Beyond Meat and Starbucks Partner on Breakfast Sandwiches in China"

Read more