TheStreet’s J.D. Durkin brings you the biggest news of the day, including fresh inflation data and Elon Musk hitting back at companies that pulled ad spending on X.
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00:00 I'm J.D. Durkin reporting from the New York Stock Exchange and here is a look at what
00:03 we are watching on the street today.
00:06 Investors are reacting to fresh inflation data which came roughly in line with expectations.
00:11 The Personal Consumption Expenditures Report, or PCE, measures prices that consumers are
00:16 paying for goods and services.
00:18 The U.S. Federal Reserve typically pays closest attention to this figure and investors are
00:23 hoping this could give the central bank more reason to hold interest rates steady.
00:27 In other news, Elon Musk is hitting back at companies that have pulled ad spending from
00:31 his ex-platform.
00:33 Speaking at the 2023 Dealbook Summit in New York, when asked about the pullback in ad
00:38 spending, Musk said, "If somebody is going to try and blackmail me with advertising,
00:43 blackmail me with money, go F yourself.
00:47 Go F yourself.
00:48 Is that clear?
00:49 Hey, Bob, if you're in the audience, that's how I feel."
00:53 The Bob that Elon Musk was referring to, of course, is Disney CEO Bob Iger.
00:58 Big names like Disney, IBM, and Apple all halted their ex-ad spending in part because
01:02 of concerns regarding pro-Nazi content on the platform, along with Elon Musk seeming
01:08 to support an anti-Semitic conspiracy theory on ex.
01:12 The New York Times reported the ad freeze could cost ex up to $75 million this quarter.
01:17 However, Elon Musk apologized for his actions, calling his tweets "one of the most foolish,
01:22 if not the most foolish thing I've ever done on the platform."
01:26 Musk has more than 165 million followers on ex.
01:31 That'll do it for your daily briefing.
01:32 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
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