TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the NFL was ordered to pay almost $5 billion in damages.
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00:00I'm Conway Giddens reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Investors are reacting to key inflation data.
00:07The personal consumption expenditures index was unchanged in May and up 2.6 percent from
00:13a year ago, in line with Wall Street expectations.
00:17This reading, which is closely watched by the Federal Reserve, marks the lowest annual
00:21rise in inflation since March 2021.
00:26In other news, the National Football League has been ordered to pay more than $4.7 billion
00:31for violating antitrust laws involving its Sunday ticket package.
00:35A class-action suit, which was first filed in 2015, claimed the NFL forced fans to pay
00:41for out-of-market games that were being shown on CBS and Fox and other markets.
00:46The suit covers almost 2.5 million subscribers from 2012 to 2022.
00:52But the NFL might get hit a lot harder than the $4.7 billion.
00:57Federal antitrust laws allow for damages to be tripled, meaning the league could wind
01:02up with a more than $14 billion bill.
01:05After the verdict, the NFL released a statement saying, quote, we are disappointed with the
01:10jury's verdict today in the NFL Sunday ticket class-action lawsuit, adding that it would,
01:16quote, certainly contest this decision as we believe that the class-action claims in
01:21this case are baseless and without merit.
01:24The NFL plans to appeal.
01:26The rights to the Sunday ticket package were previously held by DirecTV, but switched to
01:31Google-owned YouTube TV in 2023.
01:34YouTube charges $449 per season for the package.
01:39That'll do it for your daily briefing from the New York Stock Exchange.
01:42I'm Conway Gittins with the Street.