Boeing machinist strike is getting messier

Transcript:

Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re taking a take a glance at on TheStreet these days.

Fresh record closing highs for the Dow and the S&P Five hundred on Wednesday. Investors are feeling bullish about synthetic intelligence, and tech basically, as Nvidia did slightly little bit of unveiling off at its AI summit. Shares of the AI chip leader are trading near all-time highs.

Attention turns to the economy Thursday. The Consumer Price Index for September is due. Meanwhile, Delta Air Lines will free up quarterly results and Tesla will finally unveil its long-awaited Robotaxi.

Related: Boeing's hardball play with striking workers backfires

Sticking with corporate news: Talks to accomplish the month-long strike at Boeing have broken down and don't appear to be slated to resume at present.

Boeing appeared in particular frustrated with the union representing roughly 33,000 striking machinists. A Boeing executive told employees in a note,“Unfortunately, the union did now not seriously agree with our proposals." For that reason, Boeing has ripped up a proposal it often which is de facto is referred to as its “best and final,” that may’ve boosted pay by 30 percent.

The union, alternatively, is now not backing down. Union members are holding out for a forty percent raise as section of a long list of grievances .“They refused to propose any wage increases, vacation/sick leave accrual, progression, ratification bonus, or the 401K Match” the union told Reuters, adding, “In addition they'd now not reinstate the defined benefit pension.”

The strike has pushed Boeing deeper into the red. It’s estimated to lose $1 billion a month, in keeping with S&P Global Ratings, on top of the $60 billion debt load it's already carrying. With production shut down, Boeing is being forced to furlough workers. It also includes exploring money-raising efforts to remain afloat, while the picket line proves to be an impenetrable force.

That’ll do it to your On on a day-to-day basis basis Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.

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