TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, December 12th.
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 a fresh inflation report – the Consumer Price Index saw inflation fall to 3.1 percent from 3.2 percent in October, right in line with analyst expectations. While this figure isn’t expected to sway the Federal Reserve’s next interest rate decision, this gives the Fed further insight into the state of the economy.
Investors are also looking ahead to the December Fed meeting kicking off today. An official decision on interest rates will be delivered on Wednesday at 2:30 p.m. Eastern Time. Markets are currently pricing in a 98 percent chance that the central bank holds interest rates steady.
In other news, Hasbro is laying off 1,100 employees or 20% of its workforce, as it continues to struggle with weak toy sales. This marks the second round of layoffs for the toymaker in 2023 alone after laying off 800 workers in January.
But these job cuts don’t come as much of a surprise… Hasbro cut its full-year revenue guidance before the holiday season, which is typically its strongest period. Hasbro’s CFO warned that the company was seeing "broader toy category declines," which it expects to continue into 2024.
And this isn’t the only cost-cutting measure… Hasbro also plans to shutter its Providence, Rhode Island office in January 2025.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
