• 6 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Walgreens is adding to a growing trend.

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Transcript
00:00 I'm Conway Gittens reporting from the New York Stock Exchange.
00:02 Here's what we're watching on the street today.
00:05 It was a sea of red on Wall Street.
00:08 The Dow shed about 400 points.
00:10 The Nasdaq dipped 0.6% and the S&P 500 lost 0.8%.
00:16 Investors were spooked by rising bond yields, with those higher borrowing costs pointing
00:20 to uncertainty about the timing of an interest rate cut by the Federal Reserve.
00:25 A survey of economic conditions released Wednesday by the Fed added to the angst.
00:30 The so-called "Beige Book" showed an economy that continues to expand with an inflation
00:35 rate that's not coming down fast enough.
00:37 The Fed meets again in June.
00:39 We'll get more on inflation later this week.
00:43 In related news, more price cuts are coming to Main Street.
00:46 Walgreens is the latest retailer to announce that it is slashing prices as inflation-worry
00:51 consumers curtail spending.
00:53 The drugstore chain decided to lower prices on more than 1,300 name-brand and store-branded
00:58 products.
00:59 The price cuts include items in the health and wellness aisle, personal care products
01:03 and items consumers will need to keep cool and have fun during the summer.
01:08 In a press release, Walgreens said it "understands our customers are under financial strain and
01:13 struggle to purchase everyday essentials."
01:16 Walgreens isn't alone.
01:18 Walmart and Target recently announced price cuts on thousands of products, and fast food
01:23 companies like McDonald's and Burger King are beefing up their budget-friendly offerings.
01:29 That'll do it for your daily briefing from the New York Stock Exchange.
01:31 I'm Conway Gittins with the Street.
01:33 Thanks for watching.
01:33 "

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