TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and which cities in the U.S. are impossibly unaffordable.
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00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching
00:03on the street today. Investors headed into the weekend in a pensive mood after a week
00:08filled with stock market records, tamer than expected inflation data, and a Federal Reserve
00:13that's teeing up for at least one interest rate cut later this year. Meanwhile, the University
00:19of Michigan's Consumer Sentiment Index for early June saw a deterioration due to inflation
00:25concerns. Wall Street will get a bigger consumer update on Tuesday with the release of May
00:29retail sales figures. You know, the somber mood of the consumer can also be pinned on
00:35surging housing costs. And now there's a list of cities that have been deemed, quote, impossibly
00:41unaffordable. According to the annual Demographic International Housing Affordability Report,
00:47California has the dubious distinction as the state with the most U.S. cities where
00:51home prices are insane. San Jose, Los Angeles, San Francisco and San Diego make the list.
00:58Honolulu rounds out the top ten for U.S. cities. The report blames, quote, the escalation
01:03of land costs as land has been rationed in an effort to curb urban sprawl. The excess
01:08of demand over supply has driven prices up. To determine which cities are, quote, impossibly
01:14unaffordable, the authors came up with an affordability ratio based on the median home
01:19price of a city divided by the gross median household income. And that'll do it for your
01:24Daily Briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.