TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Friday, May 31.
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Full Video Transcript Below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors were focused on two things Friday - inflation and earnings. Dell Technologies dampened enthusiasm for tech stocks with hefty AI spending plans that could hurt profits. On the inflation front, the PCE index matched forecasts. Wall Street awaits the closely-watched jobs report due next week. The stakes are high with policymakers looking to decide the timing of an interest rate cut on June 12th.
In other news: If you’re hungry and you’re looking for a good deal - you’re in luck. Fast-food companies are responding to customer complaints by bringing back value meals.
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KFC is already advertising four discount deals. The cheapest one at $4.99 includes two pieces of chicken, a biscuit, and mashed potatoes. In a press release, KFC said their goal is to prove “you don’t have to sacrifice quality or taste to save on food spending.”
McDonald’s also confirmed it is rolling out a $5 value meal this summer. CEO Chris Kempczinski told investors, “It is imperative that we continue to keep affordability at the forefront for our customers.”
And its main rival even took notice. Burger King is now reportedly rushing to get its $5 budget meal on the table before McDonald’s. Taco Bell and Wendy’s already have budget menus.
While food price gains at the supermarket slowed last month, you’re paying an average of 4.1 percent more to eat out than a year ago.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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