Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday, March 4.
Full Video Transcript Below:
REMY BLAIRE: I'm Remy Blaire - reporting from the New York Stock Exchange.
Investors are looking ahead to a busy week on Wall Street with a slew of labor data set for release. Markets will be watching for the ADP employment report Wednesday, jobless claims Thursday, and the February jobs report Friday. These reports will give investors a better idea of the health of the U.S. labor market.
Traders are also looking ahead to Fed Chair Jerome Powell's testimony on the Hill Wednesday. Wall Street will be listening closely for updates on the state of the economy and hints into the Fed's path forward on interest rates.
In other news - just a couple of months after turning down a $5.8 billion offer, struggling retailer Macy's received a new proposal for almost a billion dollars more. Arkhouse Management and Brigade Capital have raised their initial offer to $6.6 billion, a 14 percent increase.
Of the new offer, Arkhouse said, "We continue to offer the company an attractive alternative solution through a sale of the company at a substantial premium. This would provide Macy's stockholders with significant value and immediate liquidity."
Macy's said its board will "carefully review and evaluate the latest proposal."
Macy's, which has been in operation since 1858, has seen its stock plunge by more than 70 percent from its high of $73 a share in 2015. Since then, the company has had to close roughly 300 stores, almost one-third of its locations. The company now operates around 500 Macy's locations, as well as about 150 Blue Mercury stores, and 55 Bloomingdales, as well.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm Remy Blaire with TheStreet.
