TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why non-alcoholic beer is on the rise.
Category
🥇
SportsTranscript
00:00I'm Conway Hinton reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:04The S&P 500 and NASDAQ rallied to coordinate record closing highs for the fifth straight
00:10session.
00:11Federal Reserve Chairman Jerome Powell did little to rock the boat in day one of his
00:15semi-annual congressional testimony.
00:17He's paving the way for anticipated interest rate cuts later this year.
00:21Powell will be back on Capitol Hill on Wednesday.
00:25In other business headlines, there's a hot new summer drink making the rounds, and this
00:29one has no alcohol in it.
00:31Non-alcoholic beers are growing in popularity.
00:34More than 40 percent of Americans say they are making a conscious decision to consume
00:39less alcohol in 2024, according to a report by NC Solutions.
00:44The number goes even higher when you go generation by generation.
00:48Nearly half of the millennials surveyed said they wanted to drink less alcohol.
00:53The number surged to 61 percent for Generation Z.
00:57And capitalizing on the trend is startup brewery Athletic Brewing.
01:01Since it launched in 2018, it has catapulted to grab 19 percent of the non-alcoholic beer
01:07market, according to Nielsen IQ data.
01:10Meanwhile, the Brewer's Association already ranks Athletic as the 10th largest craft brewer
01:15in the nation.
01:16After recently raising another $50 million in equity funding, the company said, quote,
01:21We are passionate about transforming the way modern adults drink and converting critics
01:26into believers.
01:28Major beverage companies have taken notice.
01:30Heineken, Corona, Budweiser and Guinness each have non-alcoholic beers to stock the cooler.
01:37And that'll do it for your daily briefing from the New York Stock Exchange.
01:40I'm Conway Gittens with The Street.