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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the U.K. is raising taxes for the ultra rich.

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00:00I'm Conway Gittins reporting in New York. Here's what we're watching on the street today.
00:03Third quarter hits and misses guided Wall Street action on Wednesday.
00:06Google parent Alphabet topped profit and sales forecasts,
00:10keeping the tech-heavy Nasdaq near record territory. On the flip side, Eli Lilly
00:15shocked investors. The maker of blockbuster diabetes drug Monjaro and weight loss aid
00:20ZepBound posted results that were way below forecasts. Turning to economic data,
00:26the U.S. economy grew 2.8 percent in the third quarter, which was below forecasts,
00:31but still a healthy number. Thursday is another big day for economic data and earnings. The Fed's
00:36preferred inflation gauge, the PCE index, is released. Wall Street will also get numbers
00:42from Apple and Amazon. Looking at other headlines, in the U.K., a new government
00:48boosted taxes on the rich, hoping to rake in $52 billion. The capital gain tax rate on profits
00:54made from investments is being lifted. A private jet tax is going up by 50 percent.
00:59Parents with children in private schools are losing a 20 percent tax break. And the government
01:04is putting a new tax in place for those who live in Britain but previously did not pay government
01:10taxes because their permanent residence was outside the country. In one more tax move aimed
01:16at the wealthy class, the tax that employers pay on the income of salaried workers is going up,
01:22and the dollar amount in which that tax kicks in is going down. Here in the U.S.,
01:27the wealth gap remains a sore spot between the haves and the have-nots, sparking cries for the
01:32wealthy to, quote, pay their fair share when it comes to taxes. The outcome of the 2024 race for
01:38the White House could decide if Donald Trump's 2017 tax cuts are extended or expire. That'll
01:46do it for your daily briefing from New York City. I'm Conway Gittins with The Street.
01:52you

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