Wall Street poised for Friday gains after a busy week of second-quarter earnings despite renewed pessimism over U.S-China trade talks. The top three equity benchmarks are expected to open with slight gains, helped by Microsoft, which is nearing a record after solid quarterly results. Also, Fed Vice Chair Richard Clarida signaled to FOX Business an interest rate cut may come as soon as this month, he joined NY Fed President John Williams who also made dovish comments on Thursday. The combo sent markets higher and cut losses earlier in the day spurred by a drop in Netflix shares after a disappointing earnings report.
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Boeing wraps up a tough week with new details of the financial impact of the 737 Max grounding. The Chicago-based manufacturer will take a nearly $5 billion charge in the second quarter, wiping out profits as it struggles to return the troubled fleet back to service. Meanwhile, a family member of five individuals killed in the Ethiopian Airlines crash gave a powerful testimony on Capitol Hill, blasting Boeing and calling on lawmakers to scrutinize the planemaker and the Federal Aviation Administration. As the public relations crisis for Boeing continues, carriers are giving more information on the impact of the grounding for the remainder of the year and into 2020.
Starbucks hits its goal of hiring 25,000 veterans and military spouses ahead of schedule. The coffee chain had initially intended to hit its hiring goal by 2025, but active participation from the workforce helped Starbucks meet the pledge much faster than expected. The Seattle-based firm has opened 61 "military family stores" that are located near active-duty bases and intends to open 71 more by 2022.
General Motors is overhauling its vehicle lineup, but one mainstay is the Corvette. The Detroit-based carmaker unveiled the 2020 Stingray on Thursday, the latest version of the iconic sports car and the first to use a mid-engine model. GM is closing several North American facilities and laying off thousands of workers, but the Bowling Green Assembly Plant, which exclusively makes the new Corvette, continues to add employees. The vehicle is not a big moneymaker for the company, but a loyal fanbase coupled with the marketing opportunities for the Corvette keeps it a mainstay in GM's lineup.
Tom Cruise is back as Top Gun returns: Paramount’s Viacom unit is reviving the iconic film in "Top Gun: Maverick.” Cruise himself surprised fans last night San Diego Comic-Con to promote the upcoming sequel. In the new trailer, it's revealed that Cruise's iconic character, Pete "Maverick" Mitchell, will serve as the new flight instructor of the Top Gun school, and is seen wearing his infamous Ray-Ban sunglasses, as he faces off against a new enemy -- drones. The movie will also feature original star Val Kilmer, who will reprise his role of Tom "Iceman" Kazansky, now a commander at the school.