Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
A minor rally on Wall Street as investors digested mostly downbeat corporate earnings. Southwest Airlines lowered sales targets amid murky travel demand, Cheerios parent General Mills posted weak sales as shoppers downgraded to cheaper products, and economic bellwether FedEx says it is cutting costs in order to offset soft package deliveries.
Meanwhile, new home sales plunged 11 percent in May. But in an encouraging sign, the median home price fell to a seven-month low of $417,400. Investors now look ahead to the PCE inflation index due on Friday.
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In other news: With a large swath of the nation grappling with a heat wave, an ice cream recall couldn’t come at a worse time. Maryland-based company ‘Totally Cool’ issued a nationwide recall for its ice cream-filled cones, cookies, and cakes due to the risk of listeria contamination.
The illness-causing and potentially fatal bacteria was discovered in samples taken by the Food and Drug Administration. Subsequently, Totally Cool has halted production and distribution, and issued a recall.
Totally Cool has nearly 70 ice cream products across 13 brands including Hershey’s, Friendly’s, Jeni's, Chipwich, and Dolcezza Gelato.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Related: Stock Market Today: Stocks lower, Nvidia flat, as tech stalls
