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Boeing CEO heads to Capitol Hill — What to know in markets Tuesday

Heidi Chung
·Reporter
Updated

Boeing (BA) CEO Dennis Muilenburg will take the spotlight Tuesday when he faces Congress on the one-year anniversary of the Lion Air crash which killed 189 people after plunging into the Java Sea shortly after take off from Jakarta, Indonesia’s capital.

Muilenburg’s testimony in front of the Senate Commerce Committee is his first public appearance following the Lion Air tragedy and another Boeing 737 Max disaster — the March 10 crash of Ethiopian Airlines Flight 302 which killed 157 people.

Boeing Co Chief Executive Dennis Muilenburg speaks during a news conference at the annual shareholder meeting in Chicago, Illinois, U.S., April 29, 2019. Jim Young/Pool via REUTERS
Boeing Co Chief Executive Dennis Muilenburg speaks during a news conference at the annual shareholder meeting in Chicago, Illinois, U.S., April 29, 2019. Jim Young/Pool via REUTERS

Muilenburg is expected to express his deepest condolences and attempt to convince lawmakers that Boeing has been doing everything in its power to make sure the 737 Max, its most popular plane, is safe to fly.

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“We have learned and are still learning from these accidents,” Muilenburg’s prepared testimony read. “We know we made mistakes and got some things wrong. We own that, and we are fixing them. We have developed improvements to the 737 MAX to ensure that accidents like these never happen again.”

Muilenburg will also add, “You have my personal commitment that I will do everything I can to make sure we live up to that promise.”

On Wednesday, Muilenburg will also face the House Transportation Committee.

Since the March 10 crash, Boeing shares have tanked 18%. The company’s financials have also taken a hit as 737 Max woes continue to mount.

Economic data

Meanwhile, on the economic data front, September’s pending home sales are expected to have risen 1%, down from 1.6% in August, and the Conference Board consumer confidence index is estimated to have risen to 127.9 in October, up from 125.1 in September.

The notable earnings reports scheduled for Tuesday include Baidu (BIDU), Merck (MRK), Pfizer (PFE), ConocoPhillips (COP), General Motors (GM), Shopify (SHOP), Incyte (INCY), Kellogg (K) before market open; Mattel (MAT), Mondelez (MDLZ), Amgen (AMGN), Electronic Arts (EA), FireEye (FEYE), Advanced Micro Devices (AMD) after market close.

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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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