TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Americans are struggling to afford any kind of home.
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00:00 I'm Conway Gittins reporting from the New York Stock Exchange.
00:02 Here's what we're watching on the street today.
00:04 The Dow's winning streak keeps on going.
00:07 Blue chips racked up their seventh straight day
00:09 of gains on Thursday.
00:10 Stocks were up across the board as the biggest jump
00:13 in jobless claims since August fueled rate cut hopes.
00:16 The Dow finished up more than 300 points,
00:19 the S&P 500 up about half a percent,
00:22 and the Nasdaq closed 2/10 of a percent higher.
00:26 Earnings season is winding down, so economic data
00:29 will be more scrutinized for clues on what will
00:31 happen with interest rates.
00:33 On Friday, Wall Street will get the latest look
00:35 at the University of Michigan's Consumer Sentiment Index.
00:39 Ahead of that, there are several signs
00:41 pointing to a consumer who is far from happy.
00:44 A new Gallup poll finds the number
00:45 of Americans who think this is a good time to buy a house
00:49 remains at an all-time low.
00:52 Potential homebuyers say historic home prices
00:54 and costly mortgage rates are keeping the dream of owning
00:57 a home out of reach.
00:59 Current mortgage rates at 7% are twice as high
01:02 as they were before the start of the pandemic.
01:05 But staying a renter is painful too.
01:08 For many Americans, rental prices
01:09 have outstripped wage gains.
01:11 Rents went up more than 30% nationwide between 2019
01:15 and 2023, but paychecks grew by only 20%,
01:20 according to analysis by Zillow and Street Easy.
01:23 And the steep cost of housing and other necessities
01:26 are forcing Americans to adjust their budgets.
01:28 More consumers are turning to the internet for groceries
01:32 and personal care items.
01:33 Online retail sales grew to nearly $332 billion
01:38 between January and April.
01:40 And according to Adobe Analytics,
01:41 the share of those dollars going to cheaper groceries
01:45 jumped to 48% last month.
01:48 That number was only 36% pre-pandemic.
01:52 Well, that'll do it for your daily briefing
01:53 from the New York Stock Exchange.
01:54 I'm Conway Gittens with The Street.
01:56 - Bye.
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