Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street ended the week in a slump. Apparently, what’s good for the economy, is perceived as not being so good for the stock market. Retail sales are resilient and layoffs are low. Taken together, that’s the kind of strength Wall Street thinks will delay more interest rate cuts from the Federal Reserve.
Consumers are in focus in the coming week with quarterly results from Walmart, Target, TJ Maxx parent TJX, Lowe’s, and Dollar Tree.
Related: A major airline just left Musk’s X over hate and disinformation
Turning to other business headlines: X users are fleeing the app as billionaire CEO Elon Musk spends his time advising President-elect Donald Trump.
Immediately following November’s presidential elections, X saw its biggest mass exodus since Musk bought the company in 2022. More than 115,000 subscribers closed their X accounts on the day after the election alone, according to web tracking data provided to NBC News.
In contrast, Bluesky, an app created by former Twitter CEO Jack Dorsey in 2009, has signed up 2.5 million new subscribers during the first week after the election, a spokesperson told USA Today.
It’s been tough going ever since Musk took over X, and his political leanings are apparently making it worse . According to one estimate, the app formerly known as Twitter will see $2.9 billion in sales in 2024, that’s about a 40 percent drop from the $4.4 billion seen before his first full year on the job.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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