TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, November 16.
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.
Stocks are coming off a four-day winning streak as investors started to lose hope that the Federal Reserve is done raising interest rates. This came after encouraging data showed a dip in retail spending and cooling inflation.
Today, investors are reacting to weekly jobless claims which came in slightly higher than expectations. 231,000 Americans filed for unemployment last week, marking the highest figure seen in 3 months, showing signs of cooling in the labor market.
In other news - thousands of Starbucks employees from more than 200 stores across the country are striking today.
The picketing comes after 14 more complaints were filed alleging Starbucks violated labor laws, this time in New York City. Baristas say the company continually violates New York’s Fair Workweek Law, which regulates how workers should receive their schedules, along with any changes to those schedules. The current law requires Starbucks to give employees 14 days notice on their scheduled hours and extra pay for shift changes. More than 70 complaints have been filed since February.
And it’s no coincidence employees chose today to strike. Today is Starbucks’ annual Red Cup Day, one of its busiest days of the year in which the company gives away thousands of reusable red cups. The strike is being painted as the quote “Red Cup Rebellion.”
Today’s strike was the fifth major action taken by employees as they continue to attempt to unionize. Over 350 Starbucks locations have voted to unionize since 2021.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
