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News when you want it with Bloomberg News Now. I'm Amy Morris. This just crossing the Bloomberg terminal. Boeing says it plans to cut its workforce by about ten percent, responding to the crisis facing the plane maker as it faces a drawn out strike by workers and a worsening cash crunch. Bloomberg Intelligence Senior Aerospace, Defense and Airlines analyst George Ferguson.
Tough times are a head and that's what CEO Kelly or Berg told the company when he told him there's going to be a ten percent cut. Tightening their belt here. It looks to me like they're posturing for the long haul, right they tell them to me, I think they're telling the union, you know, we're going to slim down were we need to save a bunch of money and we're ready to kind of go to long haul on our negotiations with you. We're going to take pain on the executive side as well.
Roughly seventeen thousand jobs will be affected. That's about ten percent of its workforce, including executives, managers, and employees. The company also announcing that first delivery Boeing's already delaid seven seven seven X aircraft will now happen in twenty twenty six. Boeing shares now down more than two percent in the post market, and we bring you closing numbers each day
here at Bloomberg. The Dow up four hundred and ten points, that's a record close, NASDAK up sixty one points in the s and P five hundred up thirty five, also an all time high. The US is expanding its sanctions on Iran's oil and petrochemicals sectors in response to the country's October first ballistic missile attack on Israel. The move gives the Department the ability to target a broader range of activities related to the trade in the future. That's
according to the Treasury Department. The US is sanctioning seventeen ships in ten entities that have been involved in shipping Iranian oil and petrochemicals. Now, Israel has yet to decide how to retaliate against that attack last week. That's according to an Israeli official, and Israel remains under pressure from the US and others to limit the severity of its response.
Yesterday's Security Cabinet meeting ended without a decision on what the response should be, and it's not clear if there are divisions within Prime Minister Benjamin Netanyahu's coalition government or if they're just biding their time. Elon Musk's unveiling of self driving taxi prototypes let down some Tesla investors. Many were expecting more particulars on how the carmaker can possibly
pull off his latest robocar predictions. The Tesla chief executive officer unveiled a slick two seat sadan called a Cybercab late yesterday, saying that production may start in twenty twenty six and that the vehicle would cost less than thirty thousand dollars more details now with Bloomberg's CREGUPDA.
The timing is also another kind of volatile factor here, because yes, there are plenty of unveilings coming out of Tesla, but Elon Musk and his design team has a history of going far past the timeline that they suggest. If he's talking about two short years, there's a lot of questions about, well, can you actually get to those two years?
Bloomberg's Creedy Gupta. Tesla shares fell eight point eight percent in the regular session. US consumer sentiment unexpectedly fell for the first time in three months. The preliminary October Sentiment index declined to sixty eight point nine from seventy point one in September. It's according to the University of Michigan. The median estimate and a Bloomberg survey of economists called
for a reading of seventy one. And banks reported earnings today, black Rock pulling in a record two hundred and twenty one billion dollars of total client cash last quarter, pushing the world's largest money manager into an all time high of eleven and a half trillion dollars of assets as it seeks to become a one stop shop for stocks, bonds,
and increasingly private assets. The firmatted two point four trillion dollars to its total assets over the past twelve months, and Black Rock shares gained three point six percent in the regular session. JP Morgan Chase kicked off bank earning strong with a surprise gain and net interest income, even raising its forecast despite the FED cutting interest rates. JP
Morgan's Wall Street businesses also topped estimates. JP Morgan shares gained four point four percent in the regular session, closing up the most in about eighteen months. Wells Fargo shares rose after this morning's opening bell after a surgeon investment banking fees helped counter a dip in lending revenue as interest rates fall. Shares of Wells Fargo gained five point
six percent in the regular session. President Biden says the damage from Hurricane Milton alone could be around fifty billion dollars. He's preparing to see the devastation for himself firsthand when he goes to Florida this weekend. The President's traveling there on Sunday. Major League Baseball has moved the start time of tomorrow's decisive Game five of the Al Division series between Detroit and Cleveland from a night game to an
afternoon game because of a chance of inclement. Whether that game will now be played at one oh eight pm on Saturday. And that's news when you want it. With Bloomberg News Now, I Amy Morris and this is Bloomberg