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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and the aftermath of Hurricane Helene.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Wall Street ended a volatile week on an upswing
00:08thanks to a September hiring surge.
00:10By all accounts, the closely watched employment data
00:13pointed to a labor market that's in good shape.
00:15The report was too strong, though,
00:17to support hopes of another large interest rate cut
00:21by the Federal Reserve.
00:22Attention now turns to consumer and producer prices
00:25in the coming week,
00:26and Pepsi, JPMorgan Chase, and Wells Fargo
00:29will kick off the start of earnings season.
00:32In other news, the 2024 hurricane season isn't over yet
00:36and the costs are piling up.
00:38Hurricane Helene could cost the economy
00:40more than $34 billion by herself,
00:43according to Moody's Analytics.
00:45In comparison, the U.S. economy was hit by $93 billion
00:49in weather and climate-related damage
00:51for all of 2023, government statistics show.
00:55Packing winds of 140 miles per hour
00:58and accompanied by flood-inducing rains,
01:00Helene battered the Carolinas, Virginia,
01:03Tennessee, Georgia, and Florida,
01:05resulting in a large swath of property damage.
01:08But getting power back is just the beginning
01:11of a long and costly recovery process.
01:14And to make matters worse,
01:15only 6% of homeowners have flood insurance coverage
01:19of any type.
01:20That means many will be relying
01:22on the Federal Emergency Management Agency
01:24to fill in the gap.
01:26FEMA, however, is running low on funds
01:29and will need a cash infusion from Congress.
01:31With lawmakers not due back to Washington
01:33until after the elections,
01:35repair money is likely to take a long time
01:38to get where it needs to go.
01:40That'll do it for your daily briefing
01:42from the New York Stock Exchange.
01:44I'm Conway Gittins with The Street.

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