TheStreet’s Caroline Woods brings you the biggest news of the day, including what investors are watching and Samsung’s chip production expansion in the U.S.
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00:00I'm Caroline Woods reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:06Stocks are coming off a rough session on Wall Street, which saw the Dow close lower for
00:09its sixth straight session.
00:12This came after hotter-than-expected retail sales data underscored fears that the Fed
00:16could keep interest rates higher for longer.
00:20Investors will be closely watching the ongoing earnings parade with a host of big names reporting
00:25Tuesday.
00:26We've already heard from big names like Bank of America, Morgan Stanley and UnitedHealth
00:30before the opening bell.
00:32In other news, Samsung has been awarded more than $6 billion in grants by the Biden administration
00:37in an effort to expand its chip production in the U.S.
00:41The Department of Commerce awarded Samsung the money to support two chip production facilities,
00:45a research center and a packaging facility in Taylor, Texas.
00:50Of the grant, U.S. Secretary of Commerce Gina Raimondo said, quote, these investments will
00:54allow the U.S. to once again lead the world, not just in semiconductor design, which is
00:59where we do now lead, but also in manufacturing, advanced packaging, and research and development.
01:06Samsung plans to invest around $45 billion in its Texas facilities by 2030.
01:11The Biden administration hopes the grant will help in the effort to reduce reliance on China
01:16and Taiwan for chips.
01:18In 1990, the U.S. owned a 30 percent share of global semiconductor manufacturing capacity.
01:24In 2020, that number was just 12 percent.
01:28That'll do it for your daily briefing from the New York Stock Exchange.
01:31I'm Caroline Woods with The Street.