TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, November 30th.
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are reacting to fresh inflation data which came roughly in line with expectations. The Personal Consumption Expenditures report, or PCE, measures prices that consumers are paying for goods and services. The Federal Reserve typically pays closest attention to this figure, and investors are hoping this could give the central bank more reason to hold interest rates steady.
In other news - Elon Musk is hitting back at companies that have pulled ad spending from his X platform. Speaking at the 2023 DealBook Summit in New York, when asked about the pull back in ad spending Musk said quote
“If somebody’s going to try to blackmail me with advertising? Blackmail me with money? Go F yourself. Go. F. Yourself. Is that clear? Hey Bob, if you’re in the audience, that’s how I feel.” The Bob Musk was referring to is Disney CEO Bob Iger.
Big names like Disney, IBM, and Apple halted their X ad spending in part because of concerns regarding pro-Nazi content on the platform, along with Elon Musk seeming to support an anti-Semitic conspiracy theory on X. The New York Times reported the ad freeze could cost X up to $75 million this quarter.
However, Musk apologized for his actions, calling his tweets quote “one of the most foolish, if not the most foolish thing I’ve ever done on the platform.” Elon Musk has more than 164 million followers on X.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
