Stocks were lower last week and are set to open lower again this morning as a rising number of states across the country reimposed social distancing standards to try and curb increases in coronavirus case counts.
Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection yesterday. The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic. The heavily indebted company has been in trouble for some time, and in May said that it had concerns regarding its long-term viability. Chesapeake said that $7 billion in debt will be wiped out through the restructuring.
As the financial boost from the coronavirus stimulus checks faded in May, so did Americans’ personal income, according to a new government report. Personal income fell by 4.2% in May, after a record increase in April of 10.5% that was largely because of the stimulus payments that 159 million Americans received. Disposable income also fell by 4.9% after a 12.9% increase in April.
U.S. air-safety regulators are set to begin key flight tests of Boeing Co.’s 737 Max as early as today, with the aim of returning the planes to service around the end of the year, according to a person familiar with the details. The airborne checks, slated to be conducted in conjunction with Boeing and scheduled to last three days, mark a long-awaited milestone for getting the Max fleet back in the air. The planes have been grounded for 15 months following two accidents that killed 346 people and dealt the biggest blow to the plane maker’s reputation in its 103-year history.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.