An NYSE 'Crash,' An Apple Bash, A Mad Greek Dash & Other Must-Reads

New York Stock Exchange and United Airlines were shut down by system-wide failures. Officials said the incidents were unrelated and that neither bore any sign of a cyber-attack. Both the NYSE and United confirmed their problems were due to technical difficulties, not malice.

Outages were also reported at The Wall Street Journal’s site (which may have been because of a surge of readers looking for news about United and the NYSE) and China stock markets (perhaps heaving under the weight of panic selling).

But such is the sensitivity these days about cybergeddon that a) some observers (that’s a reporter’s dodge for me and some people I know) found it appropriate to mention all four incidents in one breath, b) the FBI and Department of Homeland Security were quick to rule out foul play, and c) even the White House weighed in.  

The United incident occurred first, at about 9 am ET, and lasted about 90 minutes, causing a cascade of delays and groundings affecting some 3,500 flights. NYSE floor trading halted at 11:32 and resumed at 3:10. In the interim, many trades were routed to other exchanges. Traders interviewed on CNBC were more annoyed with the lack of a backup system than a lack of liquidity.

#Chart

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Apple is very optimistic about its next generation iPhone, The Wall Street Journal reports. The company is prepping suppliers for an initial order of between 85 million and 90 million units by the end of the year in two sizes that are identical to the 6 and 6 Plus. Changes in the new models “will be less noticeable than last year’s,” write Lorraine Luk and Daisuke Wakabayashi, when the form factor dramatically departed from the iPhone 5, and Apple finally introduced a "large" smartphone. But the refresh will be accompanied by an iOS update that incorporates Force Touch tech, an input method that distinguishes between a hard and soft press which Apple debuted with the Watch.

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Ride, he said: Lyft president John Zimmer says that “in the next five years or so” a majority of millennials will eschew car ownership. It may serve a ride-sharing service to promote that idea, but it's supported by AAA data: From 2007 and 2011 car ownership by the under-34 crowd declined 30%. And according to World Bank data, 81% of Americans live in the sort of urban setting where one is less likely to need a car. What was once an American right of passage has become “like owning a $9,000 ball and chain, because you have $9,000 in expenses on your car every year," Zimmer said, revealing a cute gap in knowledge about what cars actually cost to own and operate.

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Surprise? Greek banks will remain closed for the rest of the week, setting up another edge-of-your-seat weekend. European creditors have given Greece until Sunday to agree to a plan as a condition for a third bailout plan. Prime Minister Alexis Tsipras outlined a proposal he’ll formally submit Thursday in which he pledges “to start implementing some of the overhauls demanded by creditors by early next week.”

#Quote

“We’re not dead yet.”

— An unnamed bank official on the solvency of Greece’s banks and ATM network

#Stat

5-5-5

“Five difficult years. Five mixed months. Five interesting days.” A Tweet by Finland Finance Minister Alexander Stubb summing up the Greek financial crisis

The Fed has spoken and as usual hasn't said much, and that's a good thing. In its June meeting, whose minutes were released today, the Fed reaffirmed that it was still looking for enough evidence that the U.S. Economy was strong enough to return to interest rate normalcy after seven years of essentially zero rates. Betting is still at least one rate increase later this year, probably in September. Reverting back from what has become the new normal will be both good and bad (that's how markets work); increased rates would mean 1) We are back at pre-recession confidence and 2) would remove the uncertainty of a yet-to-be-dropped shoe. But it would also 3) tend make everything more expensive. Managing a perfect three-point landing is worth the dithering. Un-carry on, Fed.

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Missed our last update? Then check out ‘Microsoft Layoffs, Greek Concessions & Other Must-Reads’

Traders work on the floor of the New York Stock Exchange (NYSE) at the close of the day after trading was paused for nearly four hours due to a 'technical glitch' on July 8, 2015 in New York City. The unprecedented shutdown was said was caused by a major technical glitch and not the result of a cyberattack. (Spencer Platt/Getty Images)