Here are the most important news items that investors need to start their trading day:
1. A bumpy beginning
U.S. stocks started out 2024 with a whimper. The three major averages broke a nine-week winning streak, as the Dow Jones Industrial Average dropped 1.5%, the S&P 500 fell 0.6% and the Nasdaq Composite shed 3.25%. The down week followed a December rally fueled by hopes that the Federal Reserve could start to cut interest rates this year. Stronger-than-expected December jobs data released last week helped to temper those expectations. Inflation data this week — the consumer price index due Thursday and producer price index set for Friday — will help to shape the Fed's rate decisions in the coming months. Earnings season will also kick off in earnest Friday, as JPMorgan Chase, Citigroup, Bank of America, Wells Fargo and Delta Air Lines report results. Follow live market updates here.
2. Boeing woes continue
Boeing shares dropped in premarket trading Monday, after the FAA grounded about 171 of the company's 737 Max 9 planes. The agency grounded the aircraft for inspections after a panel blew out of a plane operated by Alaska Airlines during a flight Friday. No serious injuries were reported. The near-catastrophe adds to the scrutiny facing Boeing, which had tried to turn around the 737 Max program after a string of problems including two fatal crashes. In a statement Sunday, the FAA said the planes "will remain grounded until the FAA is satisfied that they are safe." United Airlines and Alaska are the two largest operators of the affected planes.
3. Staving off a shutdown?
Congress has moved one step closer to avoiding a partial government shutdown. House and Senate leaders on Sunday announced they reached a deal on federal funding for fiscal 2024. Lawmakers are scrambling to write and pass spending legislation by Jan. 19, when funding for some government agencies will expire. Other parts of the government will not be able to keep running after a Feb. 2 deadline. The $1.59 trillion deal includes $886 billion for military spending and $704 billion in non-defense spending. The GOP-controlled House and Democratic-held Senate, which have clashed over spending priorities in recent months, will still have to hash out where exactly the money goes.
4. Audio adversity
Audacy, the largest U.S. radio company, said it plans to file for Chapter 11 bankruptcy protection. The company, which said it has suffered as radio ad spending drops, expects the move will allow it to reduce its debt load by about 80%. The move comes even as the radio business shows a surprising resilience.
5. 2023 in charts
Heading into 2023, a potential economic slowdown and stubbornly high inflation topped the list of worries about the U.S. economy. Even as the Federal Reserve hiked interest rates to rein in elevated prices, job creation remained steady and the economy did not tip into a recession. Those factors are just a few CNBC explored in 12 charts that illustrate how the U.S. economy fared last year. A surge in stocks, the dominance of "Barbie" and a spike in mortgage rates are just a few more of the stories that defined the U.S. economy in 2023. See the full story here.
– CNBC's Sarah Min, Leslie Josephs, Elliot Smith, Samantha Subin, Christina Wilkie, Annie Nova and Gabriel Cortes contributed to this report.
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