TheStreet’s Sara Silverstein dives into the biggest news of the morning, including an optimistic Wall Street and J.M. Smucker buying Hostess Brands.
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00:00 I'm Sarah Silverstein reporting from the New York Stock Exchange.
00:03 Here's what we're watching on the street today.
00:05 Investors are looking to start the week off on a positive note after another week of market
00:09 losses. Wall Street is feeling optimistic after the Fed signaled that it would not raise rates
00:14 when it meets September 19th. The markets seem to agree as the CME FedWatch tool indicates a 93%
00:21 chance the central bank will hold rates steady in September and a 41% chance they'll raise rates
00:27 again in November. This week is a pretty busy week on the street. Investors are looking ahead
00:32 to key economic data on inflation and retail sales out on Wednesday and Thursday. Both reports will
00:38 likely give investors clearer insights into the Fed's next move as well as the state of consumer
00:43 spending. And it looks like jelly maker JM Smucker has agreed to buy Hostess for $5.6 billion.
00:49 Hostess was founded in 1930 and makes some of your favorite snacks like Twinkies,
00:54 Snowballs and Ding Dongs. But the company had previously filed for bankruptcy twice in 2004
01:00 and 2012. However, shares of Hostess are up almost 30% since August, giving the company a market cap
01:06 of $3.7 billion. Hostess reportedly also received interest from some of the biggest names in the
01:12 food and beverage industry, including General Mills, Mondelēz, PepsiCo and Hershey. JM Smucker
01:18 will add Hostess to a portfolio that currently boasts brands like Jif Peanut Butter, Folgers
01:24 Coffee and pet food brand Milkbone. That'll do it for your daily briefing from the New York
01:29 Stock Exchange. I'm Sarah Silverstein with the Street.
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