Boeing workers vote to accept new deal

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and the Boeing strike is finally over.

Transcript

00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching

00:03on the street today. Stocks are in rally mode on this election Tuesday. October data from

00:09the Institute for Supply Management showed the massive services sector expanding for

00:13the fourth straight month. On the corporate front, AI software darling Palantir topped

00:19forecasts and boosted its full year outlook. In other news, the seven-week strike at Boeing

00:25is over and workers are expected to be back on the factory floor within 24 hours. A majority

00:31of the members of the International Association of Machinists voted to accept the deal, but

00:36at a much lower rate than the noes on the two previous votes. Nevertheless, this contract

00:43comes with a 13 percent raise right away, followed by a 9 percent raise for each of

00:48the next two years, and then a 7 percent raise for the final year of the contract. Add that

00:54all up and workers will get a total raise of 38 percent. In addition, workers get a

01:00$12,000 bonus. Some of that money can be put into their 401k accounts. The union did not

01:06get one of its big asks, the return of an old-school defined benefit retirement plan.

01:13The walkout by 33,000 machinists is likely one of the most expensive labor strikes in

01:18the U.S. in a quarter century, costing the economy $9.6 billion, according to the New

01:24York Times. Boeing CEO Kelley Ortberg is ready to move on to what's next, saying in

01:30a statement, quote, there is much work ahead to return to the excellence that made Boeing

01:35an iconic company. Top of the list? Fix the safety and quality control issues that have

01:40marred Boeing since deadly plane crashes in 2018 and 2019 and an incident in 2024 when

01:48a door panel blew off mid-flight. That'll do it for your daily briefing from the New

01:53York Stock Exchange. I'm Conway Giddens with the Street.