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, November 28th.
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 assessing whether the month long rally on Wall Street has come to an end after stocks finished in the red Monday. Later today, investors will be paying close attention to speeches from various Fed officials – investors will be looking for any clues on the central bank’s path forward on interest rates.
As far as economic data goes, Wall Street will be tracking an update on third quarter GDP Wednesday and a key inflation reading Thursday.
In other news - President Joe Biden has a message for corporations: Lower your prices. The president took aim at companies that are still artificially keeping prices up, despite the slowing rate of inflation.
Speaking at the launch of his administration’s new supply chain initiative, Biden said quote “Any corporation that has not brought their prices back down, even as inflation has come down, even as the supply chains have been rebuilt, it’s time to stop the price gouging. Give the American consumer a break.”
According to the Bureau of Labor Statistics, the average price of all goods have gone up by 13 percent - with food prices going up even more, as the category has seen a huge 20 percent increase across the board.
However, high prices didn’t stop Americans during the biggest shopping weekend of the year. Online sales rose by 7.5 percent compared to the 2022 Thanksgiving weekend. And shoppers celebrated Cyber Monday by shelling out a record $12 billion.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
