TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, December 7th.
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.
Investors are reacting to another round of employment data – 220,000 Americans filed for unemployment last week, a slight jump from the prior week. While these claims are historically low, investors are still holding out hope that the Fed could be nearing the end of its rate hiking cycle.
But the real test will be on Friday when the November jobs report comes out. Wall Street will be looking for further signs of cooling in the labor market… Friday’s report marks the last major economic report before the Fed holds its final policy meeting of 2023.
In other news - what would happen if a McDonald’s character from the 1980s that was part alien, part surfer, and part robot were to open a restaurant? No - that’s not us asking, that’s McDonald’s CEO Chris Kempczinski asking - and it’s becoming a reality.
On Wednesday, the burger chain unveiled its pilot cafe-style restaurant “COSMCS” (COS-MICKS). But the new restaurant, named after COSMC the alien, won’t be serving the Mickey-D’s fare you’re used to.
According to its website, COSMCS is quote “rooted in beverage exploration” - with items like S’mores Cold Brew and Tropical Spiceade. McDonald’s plans to open 10 of the new restaurants by the end of 2024.
The announcement came on the same day that McDonald’s revealed its plans to have 50,000 locations globally by 2027 - which means the company intends to open another 9,000 restaurants over the next four years.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
