Good morning, CFOs. The Air India crash is the first fatal incident involving a Boeing 787; CBO releases its analysis of the GOP tax-and-spend megabill; Chime Financial stock climbs after IPO; plus, Adobe raises its outlook.

The crash of an Air India flight to London is the first fatal incident involving a Boeing 787, dealing a fresh blow to the plane maker seeking to emerge from a series of safety and manufacturing crises.

The hobbled American icon has been buffeted by successive problems in recent years, losing billions of dollars because of plane groundings and production delays. Thursday’s crash now threatens the company’s fragile recovery.

The Boeing 787-8 jet, carrying 242 people, crashed less than a minute after taking off from an airport near Ahmedabad in western India. 

• Air India Boeing Crash Kills Hundreds, Leaves Sole Survivor

📈 Economic Indicators

The University of Michigan releases the Consumer Sentiment index for June.

Chime Financial’s stock jumped in its stock-market debut Thursday, the latest sign the U.S. initial public offering market is awakening.

Shares of the financial technology company jumped 37% from their IPO price of $27 in trading Thursday. The stock closed at $37.11, giving the company a more than $13 billion market capitalization.

Chime offers banking services through its smartphone app. It doesn’t charge account fees or require minimum balances and gives users early access to paychecks. The app’s popularity boomed during the Covid-19 pandemic, when people wanted to quickly access their stimulus checks.

Republicans’ tax-and-spending megabill would give more money to middle-income and high-income households while taking benefits away from low-income people, according to a Congressional Budget Office analysis released Thursday.

• Senate Confirms Auctioneer Billy Long as IRS Chief

📰 Other headlines

• Adobe Raises Outlook After Sales Beat
• ECB Now More Concerned by Threat of Slow Growth, De Guindos Says
• On the Clock: Companies Quietly Recast DEI to Duck Backlash
• Why Larry Fink Sees BlackRock Shares, Income Doubling By 2030
• Why Warner Boss Zaslav Is Having to Split Up the Media Empire He Built
• Aerospace Startup JetZero to Start Building Futuristic Planes in North Carolina
• The Only Remedy for Intel’s Woes May Be a Breakup
• Walmart and Amazon Are Exploring Issuing Their Own Stablecoins
• L.A. Police Suppress Protests as ‘Anti-Trump’ Rallies Planned for Weekend
• Yes or No: It’s Smart to Launch a New Product in a Recession

• Auto-parts supplier Marelli became one of the first big companies to file for bankruptcy under the weight of the Trump administration’s tariffs.
• Retailers are raising the bar for free delivery—or eliminating the perk—as they seek to mitigate tariff costs.
• Recent changes to CPA licensing laws in many U.S. states mean one thing for some prospective accountants: School’s out early.
• Nvidia has unveiled a new generative foundation model that it says enables simulations of Earth’s climate with unprecedented resolution. The question is what else humans will do with it.

Sterling Infrastructure, the Houston-based transportation and building solutions company, appointed Nicholas Grindstaff to take over the chief financial officer role, effective July 10, the company said Thursday. Grindstaff brings over 30 years of finance experience to the company, most recently as CFO of Cinterra, a turnkey, utility-scale solar and renewable energy contractor. Prior to that, he served as CFO of diversified infrastructure services company Orbital Infrastructure Group, between 2021 and 2024. Grindstaff succeeds Ron Ballschmiede.

—Adriano Marchese contributed to today’s Ledger.

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