TheStreet’s J.D. Durkin brings you the biggest news of the day, including what to look for from the Fed today and why Joe Biden is calling out big corporations.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what we are
00:03 watching on the street today. Investors are assessing whether the month-long rally on
00:08 Wall Street has come to an end after stocks finished in the red Monday. Later on today,
00:12 investors will be paying very close attention to speeches from various Fed officials.
00:17 Investors will be looking for any clues on the central bank's path forward on interest rates.
00:22 As far as economic data goes, Wall Street will be tracking an update on third quarter GDP Wednesday
00:27 and a key inflation rating on Thursday. In other news, President Joe Biden has a
00:32 message for corporations. Lower your prices. The president taking aim at companies that are still
00:38 artificially keeping prices high despite the slowing rate of inflation. Speaking at the launch
00:43 of his administration's new supply chain initiative, the president said, "Any corporation
00:49 that has not brought their prices back down, even as inflation has come down, even as the supply
00:54 chains have been rebuilt, it's time to stop the price gouging. Give the American consumer a break."
01:00 According to the Bureau of Labor Statistics, the average price of all goods has gone up by 13%,
01:05 with food prices going up even more as the category has seen a huge 20% increase across the board.
01:12 However, high prices didn't stop Americans during the busiest shopping weekend of the year.
01:18 Online sales rose by 7.5% compared to the 2022 Thanksgiving weekend,
01:23 and shoppers celebrated Cyber Monday by shelling out a record $12 billion.
01:28 That'll do it for your daily briefing. From the floor of the New York Stock Exchange,
01:32 I'm JD Durkin with The Street.
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