• last year
TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the markets fared after a lackluster Tuesday, and why Target is closing several of its stores.

Category

🥇
Sports
Transcript
00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange.
00:03 Stocks were mixed to close out today's trading session.
00:05 The Dow Jones closing down 68 points, the Nasdaq closed two-tenths of a percent higher
00:10 while the S&P 500 closed up fractionally on the session.
00:14 Inflation still a major concern for markets with investors concerned that interest rates
00:17 will stay higher for longer.
00:20 Stocks are on pace to close out the month in the red, which is not necessarily a big
00:24 surprise as of course September is historically one of the worst months for the markets.
00:29 Wall Street's also looking ahead to a batch of fresh economic reports due out tomorrow
00:33 and Friday.
00:34 On Thursday we'll get a read on second quarter GDP and the following day we will get PCE
00:39 data, which the Federal Reserve typically looks at for a close read on inflation.
00:44 Meanwhile, Target announced it will be closing nine stores across four different U.S. states.
00:49 The retail giant says the closures are due to theft as well as organized crime.
00:53 Besides making for an unsafe environment for customers as well as staff, the company says
00:58 these crimes make the stores unsustainable for business.
01:01 On October 21st, Target will close one location in New York City, two stores in Seattle, three
01:06 stores in Portland and three other locations in Oakland and San Francisco.
01:11 The company released a statement saying, "We know that our stores serve an important role
01:15 in their communities, but we can only be successful if the working and shopping environment is
01:20 safe for all."
01:22 The National Retail Federation says that "shrink," which is the value of merchandise that disappears
01:27 from stores without being paid for, cost retailers $112 billion last year, up from $93 billion
01:34 the previous year.
01:35 Target has previously said it expects to lose $500 million from theft this year alone.
01:40 That will do it for your daily briefing.
01:42 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:45 Thanks.
01:46 [BLANK_AUDIO]

Recommended

2:04
I
Up next
Major retailers continue to close stores
The Street
1:39
Sears to close last New Jersey location, leaving about a dozen left in the U.S.
The Street
1:53
7-Eleven to close 444 stores
The Street
1:47
Target’s bleak holiday outlook is bad news for other retailers
The Street
1:47
Big Lots on the verge of closing hundreds of stores
The Street
1:39
Walmart stock hits all-time high
The Street
1:59
Walmart will open or expand 150 stores
The Street
1:45
Walmart closing stores, laying off hundreds
The Street
1:55
These retailers have all increased the interest rates on their store cards
The Street
1:47
Friday is the best day for deals
The Street
1:53
The biggest shopping day in the world isn’t Black Friday or Cyber Monday
The Street
1:47
A convenience store mega-merger is in the works
The Street
1:45
The United State Postal Service lost $6.5 billion, despite predicting otherwise
The Street
2:01
Bed Bath & Beyond is coming back to brick and mortar stores
The Street
1:38
Foot Locker surges as sneaker heads prepare to pay full price
The Street
1:39
Walgreens to lower prices on thousands of products
The Street
2:03
Americans are ditching dollar stores
The Street
1:22
How Walmart, Target And Other Retailers Are Approaching Black Friday
The Street
1:47
Walmart continues to benefit as consumers resist high prices
The Street
1:58
GameStop, AMC make a roaring comeback
The Street
1:53
Grocery prices finally start to come down
The Street
2:13
Walmart teams up with Burger King
The Street
1:54
Singles’ Day is the biggest shopping day of the year
The Street
1:30
“Pharmageddon” begins as Walgreens workers walk out
The Street
1:51
Capital One to acquire Discover in $35 billion deal
The Street