TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, November 22nd.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks snapped a five-day winning streak Tuesday after the Federal Reserve indicated that it may need to keep rates higher for longer, with no hints of any rate cuts in the near future. Markets are still pricing in a 30 percent chance of rate cuts as soon as March.
Meanwhile, investors are reacting to a blowout earnings report from NVIDIA. The company saw its revenue triple as demand for its AI chips continues to boom. But NVIDIA is wary moving forward… The chipmaker warned of a potential negative impact next quarter due to China’s export restrictions.
In other news - at least a half a dozen companies have halted their ad spending on Elon Musk’s X. Big names including IBM, Disney, Paramount and Paris Hilton’s media company have all suspended ads on the platform.
And while not all of the organizations are specifying their reasoning for suspension, the moves come after concerns arose over pro-Nazi content on X, as well as Elon Musk seeming to be in favor of an anti-Semitic conspiracy theory on the platform.
Additionally, the NFL says it is quote “aware of instances of hate speech on X and have expressed our concerns directly to X both in the past and again in the last few days.”
As for Musk, X has now filed a lawsuit against non-profit Media Matters over what the CEO calls an intentionally deceptive report about anti-Semitism on the platform.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
