TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, November 15.
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 reacting to retail sales data – Americans cut their retail spending by 0.1 percent in October, a smaller decline than Wall Street had expected. This decrease in spending comes amid a historically high interest rate environment and marks the first monthly decline since March.
And speaking of retail, stocks are reacting positively to Target earnings. The company posted a big beat for the quarter, with profit up 36 percent from a year ago. As customers cut back on bigger purchases, Target is expecting to see a decline in sales during the all-important holiday shopping season.
In other news - despite everything seeming more expensive nowadays, there’s one thing that might be a little easier on your wallet - Thanksgiving dinner.
According to a new report by the American Farm Bureau Federation, a meal for 10 people consisting of 12 typical Thanksgiving items will run you $61.17. That’s a 4.5 percent drop from 2022. However, that price is still up 25% from 2019 pre-pandemic levels.
As for the star of the show - a 16-pound turkey now costs an average of $23.75, down 5.6 percent from 2022. According to the AFBF, the turkey is normally the most expensive part of a Thanksgiving meal. But this year, turkey prices have quote “fallen thanks to a sharp reduction in cases of avian influenza, which have allowed production to increase in time for the holiday.”
The drop in prices contrasts the latest Consumer Price Index report - which saw food prices increase 0.3 percent from September to October.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
