McDonald’s will begin testing a new pilot cafe-style restaurant called CosMc’s

TheStreet’s J.D. Durkin brings you the biggest news of the day, including new unemployment data and a new cafe-style restaurant from McDonald’s.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what

00:03 we are watching on the street today.

00:06 Investors are reacting to another round of employment data.

00:09 220,000 Americans filed for unemployment last week, a slight jump from the prior week.

00:14 While these claims are historically low, investors are still holding out a bit of hope that the

00:18 Fed could be nearing the end of its ongoing rate hiking cycle.

00:23 However, the real test will be on Friday.

00:25 That's when the November jobs report comes out.

00:27 Wall Street will be closely looking for further signs of cooling in the labor market.

00:31 Friday's report marks the last major economic report before the Fed holds its final policy

00:37 meeting of 2023.

00:40 In other news, what would happen if a McDonald's character from the 1980s that was part alien,

00:45 part surfer, and part robot were to open a restaurant?

00:48 No, that's not us asking.

00:51 That's McDonald's CEO Chris Kamchensky asking.

00:54 And that's actually becoming a reality.

00:56 On Wednesday, the burger chain unveiled its pilot cafe-style restaurant, Cosmix.

01:02 But the new restaurant, named after Cosmic the Alien, won't exactly be serving the Mickey

01:06 D's fare that you're used to.

01:09 According to its website, Cosmix is "rooted in beverage exploration with items like s'mores,

01:15 cold brew, and tropical spice aid."

01:17 The company plans to open 10 of the new restaurants by the end of 2024.

01:22 The announcement came on the same day that McDonald's revealed its plans to have 50,000

01:26 locations globally by 2027, which means the company intends to open another 9,000 restaurants

01:32 over the next four years.

01:34 That'll do it for your daily briefing.

01:36 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

01:39 Thanks.

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