CrowdStike 'Blue Screen of Death' Hits Millions, Amex Earnings Bust | Herd on Wall Street
Morning traders, Happy Friday, where blue screens are freezing industries like airlines and banking worldwide.
$CrowdStrike (CRWD.US)$, a cyber security firm took most of the blame, falling more than 9% after the firm told NBC a faulty update to its "Falcon Scanner" caused at least some of the issues that began Friday at 5:30 am. Most of the problems appear to have caused Microsoft 365 and Azure software and older Microsoft computers to crash Friday morning. One moomoo user called it Y2k if Y2k happened. Crowdstrike was the lowest-reaching stock on the S&P 500.
Delta Air Lines, United Airlines, and American Airlines halted departures, WSJ reported citing the Federal Aviation Administration.
Windows computers and tablets crashed for millions of users worldwide, many displaying the “blue screen of death.” The outage shut down hospital systems, energy infrastructure, and even the payment processors and forced McDonald's in Japan to close.
My name is Kevin Travers, and here are stories from the moomoo herd on Wall Street today.
$American Express (AXP.US)$ reported earnings Friday, where second-quarter revenue (net of interest expense) grew 8% year-on-year to $16.33 billion, slightly missing the analyst consensus estimate of $16.59 billion. Amex pulled the Dow back after its record run this week.
$The Travelers Companies (TRV.US)$ was in the red, down 4.5% after the firm reported adjusted earnings that beat estimates but a $1.51B loss from Catastrophes like wind and hail. Its overall revenue grew to $11.28B, which is below estimates.
$Intel (INTC.US)$ fell about 4.8%, the lowest decliner on the Dow after climbing close to 7% for the week.
Crude oil futures sagged 0.77%. Bitcoin climbed 2.53% to $65k/coin. Silver and gold both fell in price Monday, while the U.S. 2-year fell back and the U.S. 10 years climbed.
The market pulled back after 10:30 am EST, the $S&P 500 Index (.SPX.US)$ falling 0.22%, the $Dow Jones Industrial Average (.DJI.US)$ falling 0.71%, and the $Nasdaq Composite Index (.IXIC.US)$ falling 0.23%
Friday, investors are watching for Federal Reserve commentary. Thursday, initial jobless claim numbers increased for the week, ay 240k vs 220k expected.
Federal Reserve Gov. Christopher Waller said Wednesday that the central bank is "getting closer to the time when a cut," in interest rates is warranted. However, he still wants more evidence that inflation is slowing before he's ready to move.
"I believe current data are consistent with achieving a soft landing, and I will be looking for data over the next couple of months to buttress this view," Wall said in a speech in Kansas City. " So, while I don't believe we have reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted."
Federal Reserve Governor Adriana D. Kugler said Tuesday she anticipates "it will be appropriate to begin easing monetary policy later this year" if economic conditions continue to evolve in a favorable manner with more rapid disinflation and employment softens while remaining resilient. She addressed the National Association for Business Economics Foundation in Washington.
"If the labor market cools too much and unemployment continues to increase and is driven by layoffs, I would see it as appropriate to cut rates sooner rather than later," Kugler said.
Users said that they could not close their trades on Charles Schwab due to the IT crash toady, one user said there was near miss at the airport they operate due to the system outage.
Mooers, what are you watching today?
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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slowman : working with a report. got a blue screen. then PC restarted without saving some files
Kevin Travers OP slowman : That sucks but not as y2k as it could have been
Neil McDonald : Great commentary!
ByUncle Kevin Travers OP : i used android
Paul Anthony : fake News
SaucyJ : Macy’s D2C couldn’t deliver BOL’s today