Newscasts - US Morning Call: Spirit Airlines files for bankruptcy

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_hgbwp3s5&referenceId=1_hgbwp3s5&pageId=Newscasts Source: 'Reuters - Business videos' Description: The pioneer of no-frills travel in the US has been struggling with a long run of quarterly losses and significant debt. The airline's woes deepened after the collapse of its $3.8 billion planned merger with JetBlue Airways in January and the impact of RTX's Pratt & Whitney Geared Turbofan engines snag that grounded many of its aircraft. Short Link: https://refini.tv/3CHsomq Video Transcript: Spirit Airlines files for bankruptcy. Hello, and welcome to your US Morning Call. I'm Ramzan Karmali. Well, Spirit Airlines, the pioneer of no-frills travel in the US, has been struggling with the long run of quarterly losses and significant debt. The airline's woes deepened after the collapse of its $3.8 billion planned merger with JetBlue Airways in January and the impact of RTX's Pratt & Whitney geared turbofan engines snag that grounded many of its aircraft. According to court filings, it listed its estimated assets and liabilities in the range of $1 billion to $10 billion. Well, let's have a look at how the main benchmarks on Wall Street are likely to open, and it's looking like a mixed start for the week as investors wait for corporate results with earnings from major retailers like Walmart and Target. There were significant declines last week. Rising expectations the Federal Reserve will slow its pace of rate cuts and uncertainty over the impact of US president-elect Donald Trump's Cabinet appointments saw indexes slump on Friday. Well, the key set of earnings come this week from NVIDIA, the tech giant is due to report third-quarter results on Wednesday. NVIDIA fell 2.7% in pre-market trading. Its revenue is forecast to jump more than 80% to $33 billion, according to LSEG data. And the company is expected to post a net income of $18.4 billion, but investors will be looking beyond the numbers. What we're really looking for there is what is the revenue growth coming out of artificial intelligence, are companies really still pouring lots of money and ramping that spending into that artificial intelligence infrastructure as we've seen over the past year, do we do we continue to see benefits there? Gold prices rebounded today after posting losses for six consecutive sessions. The spot price was up over 1% with the move upwards driven by a pause in the US Dollar's rally. Gold prices last week saw their biggest weekly decline in over three years, as expectations of less aggressive interest rate cuts by the Fed boosted the Dollar. Chicago Fed President Austan Goolsbee is expected to speak on the day, the first of several central bank officials slated this week. Onto the oil markets now and prices edged up after fighting between Russia and Ukraine intensified over the weekend. Concerns about fuel demand in China still weigh on the markets, though. And finally, president-elect Donald Trump has picked Brendan Carr as chairman of the Federal Communications Commission. Carr has been a critic of Biden's telecom policies and Big Tech. He's also taken a hard line on Chinese telecom firms and being critical of the FCC's decision not to finalize an early $900 million in broadband subsidies for Elon Musk's SpaceX satellite internet unit Starlink. And that's your US Morning Call.