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Markets

Did the bubbly celebration marking the end of 2023 involve just "sparkling wine"? In the first week of 2024, stocks and bonds are experiencing their most challenging start in 21 years, possibly reflecting investors' premature optimism about Federal Reserve rate cuts. The upcoming week on Wall Street will center on new inflation figures and the commencement of Q4 earnings season.

Aviation

Alaska Airlines has its new problems for Boeing

On Friday night, the worst fears of many came to fruition as an Alaska Airlines Boeing 737 Max 9 jet bound for Ontario, CA, had to return to Portland for an emergency landing following a panel blowout roughly 10 minutes after takeoff. Fortunately, no one sustained serious injuries, but Boeing now faces renewed scrutiny just as it aimed to move beyond previous safety concerns.

The situation could have been far more severe; the affected seats were unoccupied, and it's likely that all passengers were wearing seat belts since the aircraft was still ascending at an altitude of approximately 16,000 feet.

An ongoing investigation is probing the root cause. Spirit AeroSystems, the supplier, manufactured and installed the aircraft's fuselage, with Boeing playing a crucial role in the completion process. While authorities currently don't suspect a broader design issue, Boeing is actively supporting the investigation and providing technical assistance.

Regulators have taken the precaution of grounding the plane temporarily. The FAA has mandated the temporary suspension of the 171 Max 9s in use by US airlines for inspections, each estimated to take four to eight hours per aircraft.

On Sunday, Alaska canceled 163 flights (21% of its schedule), United scrubbed 180, and airlines in Mexico, Panama, and Turkey temporarily withdrew most or all of their Max 9s from service.

This incident adds another layer of questions for Boeing. A recent report by NBC News outlined nearly a dozen equipment problems with Boeing aircraft dating back to 2012. Notably, two crashes involving the 737 Max 8 in 2018 and 2019 prompted a global grounding for 18 months. Boeing, accused of prioritizing profits over safety, faced criticism from whistleblowers and a scathing US House investigation. Boeing's CEO, Dave Calhoun, in office since January 2020, had been working to rebuild confidence, but this latest incident involving an Alaska flight is likely to reignite scrutiny of Boeing's business practices.

Entertainment

Oppenheimer dominated the Golden Globes

The Golden Globes marked the initiation of Hollywood's award season last night. In the first face-off since the summer of 2023 at the box office, Oppenheimer outshone Barbie by securing five awards, including the prestigious Best Drama, compared to Barbie's two. Lily Gladstone made history by becoming the first Indigenous person to win Best Actress in a Dramatic Film for her exceptional role in Killers of the Flower Moon. Notably, she commenced her acceptance speech in the language of the Blackfeet Nation, her native tribe.

In the realm of television categories, Succession emerged as the major winner. However, the host, Jo Koy, didn't share the same success, as the only thing he won was a disapproving look from Taylor Swift after his joke about her attendance at NFL games fell flat. In his defense, the comedian mentioned that he was asked to take on the hosting role just 10 days ago.

Auto

Musk’s drug use reportedly worries his company’s leaders

Executives and board members within Elon Musk's companies such as SpaceX and Tesla are reportedly expressing concerns about the potential business ramifications stemming from Musk's ongoing drug use, as per the Wall Street Journal. Musk's alleged consumption of drugs, including ketamine, cocaine, LSD, and ecstasy during social gatherings, raises apprehensions about the impact on SpaceX's valuable contracts with NASA and the possibility of violating corporate policies at Tesla. As a publicly traded company with fiduciary responsibilities to shareholders, Tesla may face additional scrutiny. Musk's legal representation responded by stating that the billionaire has never failed a drug test at SpaceX

Space

Navajo Nation objects to human remains on the moon

This morning marked a long-awaited event in the space industry—a rocket launch that propelled a lunar lander from a US company on a mission to the moon. Astrobotic's Peregrine lander, if it successfully reaches the lunar surface next month, will be the first American spacecraft to land on the moon in over 50 years, representing a significant milestone in NASA's endeavors to return humans to lunar exploration, including low-gravity activities like golf.

However, a community advocating for a delay in the launch was the Navajo Nation, the largest Native American tribe in the US. This was due to the inclusion of cremated human remains in the spacecraft's payload, set to be deposited on the moon—an act deemed sacred by the Navajo and other Indigenous tribes.

Navajo Nation President Buu Nygren expressed their concerns, stating, "The placement of human remains on the moon is a profound desecration of this celestial body revered by our people." The White House engaged in a last-minute meeting with Navajo Nation to listen to their objections. However, the government emphasized its inability to dictate the cargo carried by a private company to the moon.

The CEO of Celestis, the company responsible for the memorial spaceflight, also pushed back, asserting, "No individual religion can or should dictate whether a space mission should be approved."

Looking forward, NASA acknowledged that its increased reliance on the private sector might lead to more contentious moon missions in the future.

Crypto

Bitcoin ETF cleared for Launch?

In a development likened to the anticipation of a new Rihanna album, regulators could approve the first-ever spot Bitcoin ETF this week, marking a pivotal moment in Wall Street's acceptance of digital tokens. The excitement surrounding these proposed funds, enabling ordinary investors to access Bitcoin without direct ownership, contributed to a 162% surge in Bitcoin's price over the past year.