Morgan Stanley, Goldman See Resilient Economy Supporting Stocks
Wall Street strategists are growing optimistic about US stocks, with forecasters at Morgan Stanley and Goldman Sachs Group Inc. the latest to suggest resilient economic growth would limit any pullback over the summer.
Morgan Stanley strategist Michael Wilson, who ditched his long-standing bearish call in mid-2024, said a sharp improvement in Corporate America's earnings outlook bodes well for the S&P 500 Index into the year end. He reiterated his 12-month price target of 6,500 points, implying gains of about 8% from current levels.
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Washington Post
14 minutes ago
- Washington Post
FAA nominee tells senators he will modernize air traffic control system
Bryan Bedford, President Donald Trump's nominee to lead the Federal Aviation Administration, told a Senate panel on Wednesday that if confirmed, he will push the agency to act with urgency on the administration's multi-billion-dollar revamp of the nation's air traffic control system. 'I know change can be hard, but I believe the agency can get back on the right track,' Bedford told members of the Senate Commerce, Science and Transportation Committee at his confirmation hearing on Wednesday. Bedford, 63, the CEO of regional carrier Republic Airways, acknowledged that public confidence in the safety of the nation's airspace has been rattled this year by the midair collision near Reagan National Airport that killed 67 people, as well as by equipment failures that caused thousands of delays and cancellations at Newark Liberty International Airport. He said he is committed to rebuilding trust in the agency, which has seen an exodus of veteran leaders as part of staff reductions championed by the U.S. DOGE Service. 'The FAA is sorely in need of his steady leadership,' said Sen. Ted Cruz (R-Texas), the committee's chairman. 'No Senate-confirmed head of the agency completed a full five-year term since 2018.' The agency has seen a parade of permanent and acting leaders in recent years, which some analysts and lawmakers think has hampered its ability to move forward on efforts to tackle decades-old problems including the persistent shortage of air traffic controllers. The FAA's last permanent leader, Michael Whitaker, stepped down in January after just over a year in the job. Bedford told lawmakers he is committed to serving out his full five-year term. Bedford pledged to 'to build a new best-in-class air traffic control system and to rectify the chronic understaffing in our nation's air centers. However, to accomplish this, I hope we can agree we can't repeat the mistakes of the past. We can't accept half measures.' In response to written questions from the committee, Bedford signaled that he would not hesitate to shake up an agency that he views as too cautious and risk-averse. 'There appears to be no incentive for anyone at FAA to take any innovation risk for fear that it could fail,' he wrote. 'You could say there was an 'if it ain't broke, don't fix it' attitude, but that has morphed into a quiet resignation that 'we can't fix it, but we can do our very best to make the system work safely today' mindset.' Bedford said as a result a 'malaise' has set in at the FAA, where 'managers believe the agency is helpless to make the necessary changes, and furthermore, they rationalize it isn't really their fault,' he continued. 'The best they can do is fight every day to make the current system limp along safely.' Bedford has served as CEO of Republic Airways, a regional carrier based in Indianapolis, since 1999. He is married with nine children, several of which joined him at Wednesday's hearing. He has a bachelor's degree in business from Florida State University. Bedford has won praise from an array of industry groups, with Airlines for America, the trade group that represents the nation's largest carriers, calling him a 'superb choice' to lead the agency. 'He intimately understands the importance of a strong working relationship between the FAA and airspace operators of all sizes,' the group said in a statement, urging the Senate committee to move quickly to confirm him. But his nomination has drawn opposition from Democrats on the panel and some labor unions, including the Air Line Pilots Association, which cited his support of efforts to reduce the number of flight hours required to become a commercial pilot. Though repeatedly pressed by several Democratic senators about whether he would seek to reduce the current 1,500-hour requirement, Bedford would only say that he would not take any action that would compromise safety. 'It's important that we have an FAA administrator who strengthens our aviation standards to honor the families who have lost loved ones in these tragic accidents,' said Sen. Maria Cantwell (Washington), the committee's ranking Democrat. 'The tragic midair collision in January between the Army Blackhawk helicopter and American Airlines Flight 5342 took the lives of 67 people and is a stark reminder of what happens when the system fails.'
The Verge
16 minutes ago
- The Verge
Posted Jun 11, 2025 at 4:51 PM EDT 0 Comments
Google has appointed a chief AI architect. Koray Kavukcuoglu, Google DeepMind's chief technology officer, will work to combine Google's AI models with its products 'with the goal of more seamless integration, faster iteration, and greater efficiency,' according to a memo seen by Semafor. Kavukcuoglu will reportedly remain Google DeepMind CTO while in his new role.
CNBC
16 minutes ago
- CNBC
Market has priced a benign impact from tariffs, Goldman Sachs analyst says
Goldman Sachs' Head of European Financials Research Chris Hallam discusses the impact of tariffs on the European financials sector and its outlook on the sidelines of the bank's European Financials Conference
