The Street
The Street
  • 5 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why it’s still getting more expensive to eat out.

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Transcript
00:00I'm Conway Gibbs reporting from the New York Stock Exchange, here's what we're watching
00:03on the streets today.
00:04The S&P 500 and the Nasdaq both had another record trading session on Wednesday, those
00:09coming on the heels of the Federal Reserve's decision to once again keep interest rates
00:12unchanged.
00:14The central bank signaled there would likely be only one rate cut by the end of the year.
00:20Investors are also reacting to fresh inflation data.
00:23The May producer price index showed prices unexpectedly fell 0.2 percent in May.
00:29Investors were looking for a 0.1 percent gain.
00:32And weekly jobless claims rose by 13,000 to a total of 242,000.
00:37That's the highest number of unemployment applications since August of 2023.
00:43In other news, even though food prices are beginning to flatten, it's still getting
00:47more expensive to dine out.
00:49While grocery prices remained steady in May, menu prices at sit-down restaurants climbed
00:540.4 percent, according to the Bureau of Labor Statistics.
00:58The BLS also said prices at limited service restaurants like fast food and fast casual
01:03spots were up 0.2 percent.
01:06Now, a couple of percentage points may not seem like a lot.
01:09Over the past 12 months, menu prices at full service and limited service restaurants are
01:14up 3.5 percent and 4.5 percent, respectively.
01:20That's compared to grocery prices being up only 1 percent.
01:23While your overall bill at the grocery store may not be much cheaper, there are certain
01:27items that have seen big price reductions in the past year.
01:31The price of apples?
01:32Down more than 13 percent.
01:33Ham?
01:34Dropped 5.4 percent.
01:35Cheese?
01:36Down 3.4 percent.
01:37However, beef, hot dogs and eggs have all seen their prices go up.
01:42That'll do it for your daily briefing from the New York Stock Exchange.
01:45I'm Tonway Gittens with the Street.

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