TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Coca-Cola has a reason to feel good.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching
00:03on the street today. The bond market is dictating action in the stock market. Bond investors
00:09are pushing interest rates higher on fear inflation could heat up again. Meanwhile,
00:14mortgage rates are about a full percentage point lower than a year ago, but that's doing
00:18little to help real estate. Sales of previously owned homes dropped to a 14-year low in September.
00:25The median sales price jumped to $404,500. Data on new home sales are released on Thursday.
00:33Wall Street also gets third-quarter earnings from UPS, Honeywell and Southwest Airlines,
00:38among others. Sticking with quarterly results, Coca-Cola has found an innovative way to deal
00:44with consumer gripes over inflation. Convince consumers you're giving them something new
00:49and they'll pay full price. It's taking the same amount of soda, poured it into a sleek
00:55new shiny skinny can and voila, higher sales, at least in North America. Sales in the region
01:01jumped 12 percent in the third quarter as the slimmer cans contributed to, quote, favorable
01:06mix and pricing actions in the marketplace. Experts say the skinny can resonates particularly
01:12with Gen Z and millennials who see the edgier, sleeker design as a reflection of their lifestyle
01:19values. The design also has a practical purpose. Retailers are able to fit more of them on
01:29a display, which makes it easier for a thirsty consumer to grab. While the skinny can cushioned
01:35beverage sales in North America, it did not help globally. Sales worldwide were flat to
01:40lower due to weakness in China and war in the Middle East. Profits, however, came in
01:45better than expected. That'll do it for your daily briefing from the New York Stock Exchange.
01:50I'm Conway Gittins with The Street.