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Government Shutdown Grounds America: Flight Delays Soar Amid Staffing Crisis

Commercial airplanes land and prepare to take off at New York's LaGuardia Airport in the borough of Queens. The ongoing U.S. government shutdown, now stretching past its 27th day , has thrown the nation’s air travel system into chaos. With thousands of flights delayed and hundreds cancelled in recent days, passengers are facing mounting frustration as the aviation network struggles to cope with severe staffing shortages. At the heart of the disruption are 13,000 air traffic controllers and 50,000 Transportation Security Administration (TSA) officers , who are required to work without pay during the shutdown. While these employees remain on duty, the lack of compensation has led to widespread strain, fatigue, and in some cases, staff calling out, leaving critical gaps at airports and control towers. On Monday alone, more than 4,000 flights were delayed and 118 cancelled , according to FlightAware. The day before, the number was even higher, with over 8,700 delays nationwide.  Ma...
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US Futures Recover as Tech Sector Leads the Way

 

US stock futures are pointing to a rebound from recent losses, with investors looking to fresh quarterly earnings for inspiration amid dwindling hopes for an early 2024 interest rate cut. S&P 500 futures added around 0.4%, while those on the tech-heavy Nasdaq 100 jumped 0.7%. Dow Jones Industrial Average futures hugged the flatline. 

Techs are in the vanguard after a bullish AI-fueled revenue outlook from TSMC, a key supplier to Apple and Nvidia. The Taiwanese contract chipmaker’s profit fell but beat Wall Street estimates. Shares of AMD and other chipmakers stepped higher in premarket as TSMC put on almost 7%. 

Stocks are still struggling to get off the ground this year as central bankers’ comments and mixed economic data put investors’ faith in a Federal Reserve pivot to the test. The odds of a rate cut in March as seen by traders have dropped 10 percentage points from a week ago, per the CME FedWatch Tool (Chicago Mercantile Exchange Group).

Investors are on the lookout for fresh data to feed their expectations, so Thursday’s release of readings on weekly jobless claims will be in focus. Housing starts and building permits for December are also on the docket. Eyes will also be on Atlanta Fed President Raphael Bostic, scheduled to appear twice today and closely watched for any deviation from his colleagues’ pushback on rate-cut bets.


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