TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, November 21st.
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 disappointing retail earnings from Lowe's and Best Buy as both companies lowered their future outlook. Nordstrom is set to report earnings later today.
Meanwhile, Wall Street is awaiting the release of the November Fed meeting minutes. Investors will be looking for clues on the Fed’s path forward on interest rates. Traders are unanimous that the central bank will hold rates steady in December, and markets are pricing in a 30 percent chance of a rate cut in March.
In other news, if you’re looking to save a little bit of cash this Thanksgiving weekend, you might find it at an unexpected place - the gas pump. According to Triple-A, Americans can expect to find the cheapest prices on Thanksgiving Day since 2020.
On Monday, the national average price for a gallon of regular gas fell to $3.31, 36 cents cheaper than it was at this time in 2022. It’s the ninth straight week in which prices have dropped - and it could go lower.
Gas could fall to $3.25 a gallon on Thursday, marking the cheapest price on Thanksgiving Day since it fell to $2.11 during the peak of the COVID pandemic. According to Gas Buddy, Americans will spend about a billion dollars less on gas this week than during Thanksgiving week in 2022.
Gas has dropped below $3.00 a gallon in 11 states, with Texas having the cheapest in the nation at $2.77 a gallon. However, if you live in California, gas is still hovering just below $5.00 a gallon.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
