Boeing’s stock selloff a triple-digit point drag on the Dow

Boeing Co. BA, -5.75% is by far the biggest drag on the Dow Jones Industrial Average DJIA, -0.68% on Friday, as the aerospace giant’s stock selloff accounts for a triple-digit decline all by itself. Takeaway Boeing and Johnson & Johnson’s JNJ, -5.53% tumbled, and the Dow would actually be higher. Boeing’s stock fell 4.8% in afternoon trading after Reuters reported that the company misled the Federal Aviation Administration regarding the safety of its 737 Max planes, which have been grounded since March after two deadly crashes. The $17.86-price decline was shaving about 121 points off the Dow’s price. Meanwhile, J&J’s stock dropped $7.83, or 5.8%, after the company announced an asbestos-related recall of its baby powder, to undercut the Dow by 53 points. With the Dow down 168 points, excluding the shares of Boeing and J&J would turn the Dow slightly positive.

Mark Hurd, Oracle co-CEO, dead at 62

Oracle co-chief executive officer Mark Hurd passed away Friday, the business software maker said.

The company announced last month that Hurd was going on medical leave, without providing any details.

Hurd, 62, was one of Oracle’s two CEOs, the other being Safra Catz. Under their tenure, the company has tried to rapidly transition to cloud computing software.

Catz, along with founder and chief technology officer Larry Ellison, took over Hurd’s responsibilities during his absence.

“Mark was my close and irreplaceable friend, and trusted colleague,” Ellison wrote in an email to Oracle employees.

“Oracle has lost a brilliant and beloved leader who personally touched the lives of so many of us during his decade at Oracle.”

Hurd was named Oracle’s co-president in September 2010, a month after he was ousted in controversial fashion from Hewlett-Packard Co., where he had been CEO since 2005.

When Hurd and Catz were named co-CEOs in 2014, analysts were skeptical about the move. However, cloud software giants like Salesforce have since also had a co-CEO structure in place.

Dow’s 170-point drop belies upbeat NYSE breadth data

The Dow Jones Industrial Average DJIA, -0.68% is selling off by 171 points, or 0.6%, despite positive market breadth data for the NYSE. The number of advancing stocks is outnumbering decliners 1,429 to 1,360 on the NYSE, while volume of advancing stocks represents 53.8% of total volume on the Big Board. Meanwhile, decliners are leading advancers 1,708 to 1,148 on the Nasdaq exchange and down volume is 64.4% of total volume. The Nasdaq Composite COMP, -0.69% is losing 0.7% and the S&P 500 is shedding 0.2%.

Watch JP Morgan's Jamie Dimon and Morgan Stanley's James Gorman speak in Washington

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James Gorman, CEO of Morgan Stanley, and J.P. Morgan Chase CEO Jamie Dimon were set to speak Friday at an event organized by the Institute of International Finance in Washington, D.C.

Their comments came after both banks posted better-than-expected earnings earlier in the week.

J.P. Morgan Chase shares hit an all-time high after the banking giant released its results. Morgan Stanley's stock also got an earnings boost.

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Funeral services set for US Rep. Elijah Cummings

A wake and funeral for U.S. Rep. Elijah Cummings will be held next week at the church where he worshipped for nearly four decades.

New Psalmist Baptist Church spokeswoman Joi Thomas said in an email that services for the Maryland Democrat are scheduled for Oct. 25.

She said the wake will begin at 8 a.m., followed by the funeral at 10 a.m. Bishop Walter S. Thomas Jr., the church’s pastor, will deliver the eulogy in the 4,000-seat sanctuary.

The Baltimore Sun first reported the funeral details.

Cummings died Thursday at age 68 due to complications from longstanding health problems.

Cummings was the powerful chairman of a U.S. House committee that’s investigating President Donald Trump. He was a civil rights leader and passionate advocate for the poor in his Baltimore-area district.

Security forces chase down Beirut protesters: Reuters witnesses

BEIRUT (Reuters) – Lebanon’s security forces and riot police chased down protesters in central Beirut on Friday, firing tear gas canisters to disperse the demonstrators, according to Reuters witnesses.

Security forces, in vehicles and on foot, rounded up a number of protesters. Some demonstrators had been smashing storefronts in the commercial district with rods and setting tyres on fire in the street.

BOE's Carney says Johnson's Brexit deal 'net economic positive' -BBC reporter tweet

Oct 18 (Reuters) – Bank of England Governor Mark Carney said British Prime Minister Boris Johnson’s Brexit deal was a “net economic positive” for taking away no deal disorderly Brexit “tail risk”, BBC reporter Faisal Islam said in a tweet, citing an interview with the central banker. (Reporting by Sabahatjahan Contractor in Bengaluru Editing by Chris Reese)

Salford City star played 30 games while faking injury claims to pocket payout

• David Beckham
• Gary Neville

G20 agrees stablecoins give rise to 'serious' risks: press release

WASHINGTON, (Reuters) – Group of 20 finance leaders agreed that global stablecoins give rise to a set of “serious” public policy and regulatory risks, a press release from Japan, the group’s chair, showed on Friday.

The G20 also called on the International Monetary Fund to examine the macro-economic implications, including monetary sovereignty issues in its member countries, from the possible spread of global stablecoins, the press release showed.