Grounded.

In this buzz: FAA halted all departures 🤕; NASDAQ; Again Layoffs: Coinbase & Goldman, Mortgage refinance demand surged and more …

Grounded🤕:
It’s a rough start to the day for anyone planning to travel by air in the U.S. today. Travelers awoke to news that the FAA halted all departures to fix an outage of the system that sends messages to pilots. I have a feeling the next system that is going down is the one that handles “speak to a representative!”

NASDAQ:
Stocks continued their push higher yesterday as the NASDAQ managed to squeak out three up days in a row. Even more impressive perhaps was investors’ ability to shrug off Fed officials, no rate cut tough talk as the focus turns to recession. Still, there’s the monthly inflation report to get through Thursday and earning season kicks off Friday.

Coinbase:
announced it laying off another 20% of its work force and will drop several projects. Investors welcomed these cost cutting moves from the crypto platform company.

Today is “David’s Demolition Day” at Goldman.
The firm is expected to lay off 6% of its workforce or 3200 employees in its biggest RIF since the financial crisis. CEO David Solomon will have the opportunity to detail his vision and roadmap during next week’s earning’s call.

Mortgage refinance demand surged:
,finally, as borrowers take advantage of a dip in rates. A drop in the 30-year fixed rate from 6.58% to 6.42% resulted in a 5% increase in refinance applications.