Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, April 16.
Full Video Transcript Below:
CAROLINE WOODS: I’m Caroline Woods reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a rough session on Wall Street which saw the Dow close lower for its sixth straight session. This came after hotter than expected retail sales data underscored fears that the Federal Reserve could keep interest rates higher for longer.
Investors will be closely watching the ongoing earnings parade - with a host of big names reporting on Tuesday. Big names like Bank of America, Morgan Stanley, and United Health all reported before the opening bell.
In other news - Samsung has been awarded more than $6 billion in grants by the Biden administration in an effort expand its chip production in the U.S. The Department of Commerce awarded Samsung the money to support two chip production facilities, a research center, and a packaging facility in Taylor, Texas.
Of the grant, U.S. Secretary of Commerce Gina Raimondo said, "These investments will allow the U.S. to once again lead the world, not just in semiconductor design, which is where we do now lead, but also in manufacturing, advanced packaging, and research and development."
Samsung plans to invest around $45 billion in its Texas facilities by 2030.
The Biden administration hopes the grant money will help in the effort to reduce reliance on China and Taiwan for chips. In 1990, the U.S. owned a 30 percent share of global semiconductor manufacturing capacity. In 2020 that number was just 12 percent.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
