The Street
The Street
  • 14 hours ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and TSMC’s new Arizona plant.

Category

🥇
Sports
Transcript
00:00I'm Conway Gittens reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:04A stronger-than-expected retail sales report
00:07is letting some air out of the stock markets
00:10post-election rally.
00:11October retail sales grew by 0.4%,
00:14and September's number was upwardly revised.
00:17Investors see this as a sign of economic strength,
00:21which now calls into question whether the Federal Reserve
00:24will need to lower interest rates in December.
00:28In other headlines, the Biden administration
00:30is rushing to close business deals
00:32with only a few weeks left to go
00:34before it hands over the reins.
00:35The Commerce Department put the final touches
00:38on a binding contract that awards
00:40a $6.6 billion government subsidy to Taiwan Semiconductor.
00:45The money is to be used
00:47for semiconductor manufacturing in Arizona.
00:50As part of the deal, TSMC agreed to invest
00:53about $65 billion to expand operations in Phoenix
00:57in order to build its most advanced chips.
01:00It also agreed to limit stock buybacks for five years
01:03and share excess profits with U.S. taxpayers.
01:06The money used for the subsidy
01:08is part of the Biden administration's
01:10$52.7 billion Chips and Science Act
01:13passed by Congress in 2022,
01:16which was designed to encourage more manufacturing
01:19of the crucial tech component here in the U.S.
01:22$36 billion of that money is earmarked for projects
01:25involving Samsung, Intel, and Micron Technology.
01:29The Biden administration says the investment is necessary
01:32to keep America competitive in the tech world
01:35and to prevent any supply chain disruptions
01:38if tensions escalate between Taiwan and China.
01:42President-elect Donald Trump
01:44is a vociferous opponent of the subsidy.
01:48That'll do it for your daily briefing
01:49from the New York Stock Exchange.
01:50I'm Conway Gittens with The Street.

Recommended

1:45
I
Up next
Generation Z increasingly couldn't care less about luxury brands
The Street
0:45
Ariana Grande and Ethan Slater Show Rare PDA on ‘Wicked’ Red Carpet
What's Trending
2:00
Bluesky adds 2.5 million users since Donald Trump’s reelection
The Street
1:52
How to avoid overspending during the holiday shopping season
The Street
0:36
Sneak Peek at Hallmark's To Have and To Holiday
FanReviews
1:20
What the demand for EVs looks like in 2025
The Street
2:03
Amazon unveils Amazon Haul S_PM
The Street
1:25
Why this veteran analyst is cautiously optimistic on Nvidia
The Street
0:21
Get a Glimpse at Hallmark's Christmas on Call
FanReviews
2:09
Stellantis is closing its Arizona Proving Grounds
The Street
1:58
GameStop, AMC make a roaring comeback
The Street
2:04
Peloton CEO steps down, company to lay off 400 employees
The Street
2:11
Check out the new iPhone 16
The Street
1:47
A convenience store mega-merger is in the works
The Street
2:02
Boeing workers vote to accept new deal
The Street
1:53
More affluent Americans are living paycheck to paycheck
The Street
1:39
Walmart stock hits all-time high
The Street
1:53
Grocery prices finally start to come down
The Street
1:57
Heating your home will cost more this year
The Street
2:01
Big corporations will increase pay by almost 4% in 2025
The Street
2:05
Back-to-school shopping means big bucks
The Street
1:32
Taking a multivitamin won’t add years to your life
The Street
2:00
Port strike over as workers agree to new deal
The Street
2:09
X is worth 80% less than when Elon Musk bought it
The Street
2:11
That impact Biden and Trump had on home prices
The Street