TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, May 14.
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Full Video Transcript Below:
I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a mixed session on Wall Street with the Dow snapping its longest winning streak since December. Investors are reacting to the Producer Price Index which showed wholesale inflation rose 0.5 percent in April, hotter than the 0.3 percent analysts had expected. Markets are looking ahead to more inflation data, with the release of the consumer price index Wednesday.
In other news - U.S. airlines are suing the Department of Transportation over the agency’s new transparency rules. In April, the DOT implemented rules that would require carriers to disclose all fees up front - including baggage and cancellation fees. Now, some of the country’s largest carriers: Alaska, American, Delta, Hawaiian, JetBlue, and United, have filed a lawsuit alleging the DOT overstepped its authority with the new regulations.
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The Biden Administration wants airlines to show all fees on the first page where a price for a flight is listed. The DOT claims the move would save travelers more than a half billion dollars a year. The agency backed the rules, saying “We will vigorously defend our rule protecting people from hidden junk fees and ensuring travelers can see the full price of a flight before they purchase a ticket. Many air travelers will be disappointed to learn that the airline lobby is suing to stop these common-sense protections.”
Airline industry trade group Airlines for America disagrees, accusing the DOT of trying “to regulate private business operations in a thriving marketplace.”
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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