TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and Starbucks’ expansion plans in India.
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00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 Stocks were mixed to close out today's session.
00:05 The Dow down over 150 points, the Nasdaq closed fractionally higher, while the S&P 500 closed
00:11 fractionally lower for the session.
00:13 Tech shares leading the way with Nvidia hitting an all-time high and Apple and Alphabet also
00:18 witnessing gains on the day.
00:20 Separately, Wall Street is looking ahead to the start of fourth quarter earnings season,
00:24 which will kick off this Friday with the big banks.
00:26 These initial reports could give investors a better idea of how the rest of the earnings
00:30 season will shape up.
00:32 Turning our attention now to retail, Starbucks announced its plans to expand its presence
00:36 in India.
00:37 The company says it has plans to operate 1,000 stores in the country by the year 2028.
00:43 And the company currently has 390 stores in that country, meaning the company plans to
00:48 open a new store every three days over the next four years.
00:52 To accomplish its goal, Starbucks plans to open locations in smaller cities, saying in
00:56 a statement, "The company will double its workforce to approximately 8,600 partners
01:01 as it plans to enter Tier 2 and 3 Indian cities, expand drive-thrus, airports and its 24-hour
01:08 store footprint to serve customers where they are."
01:11 In addition to its usual menu, locations in India also offer things like South Indian
01:16 filtered coffee and masala chai.
01:19 Starbucks' increased interest in India comes amid an ongoing slowdown in its second biggest
01:23 market, China.
01:24 The company operates 6,500 stores in the region, with an aim to grow that number to 9,000 by
01:30 the year 2025.
01:31 In 2023, the company opened a new $200 million production and distribution center in the
01:38 eastern part of China.
01:40 That'll do it for your daily briefing.
01:42 From the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:45 Thanks for watching.
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