TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why stamps keep getting more expensive
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00:00I'm Conway Gaines reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Investors took a victory lap on Thursday,
00:06pushing the Dow and the S&P 500 to fresh record-closing highs.
00:10New data show the economy continues
00:12to grow while inflation cools and the labor market
00:15adjusts to a slower pace.
00:17Along those lines, there are layoffs at Walt Disney.
00:20The company let go of roughly 300 employees
00:22and another round of job cuts.
00:24On Friday, Wall Street will get big news on the inflation front
00:28when the closely watched Personal Consumption
00:30Expenditures Index is released.
00:32It is the Fed's preferred measure of inflation.
00:36Turning now to other headlines, the price of a stamp
00:38is about to go up again and again.
00:42The post office is planning to hike
00:44the cost of a first-class stamp five times
00:46between now and 2027.
00:49The first hike will happen in July 2025
00:52in order to give inflation more time to decline,
00:54the post office said.
00:55After that, there will be two more increases in 2026,
00:59followed by another two in 2027.
01:02In a regulatory filing, the post office
01:04said it needs to raise rates, quote,
01:06given our legal obligation to be financially self-sufficient.
01:10Few things have experienced the level of inflation
01:13seen by a postage stamp.
01:15In 1974, it only cost $0.10.
01:17By 2002, it jumped to $0.34, and now it stands at $0.73.
01:22That's an eye-popping 630% rise over a 50-year period.
01:29That'll do it for your daily briefing
01:30from the New York Stock Exchange.
01:32I'm Conway Gittins with The Street.