The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why McDonald’s fans have reason to celebrate.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05The S&P 500 and the Nasdaq are on winning streets, up four days in a row.
00:10Market gains were modest ahead of an upcoming interest rate decision from the Federal Reserve.
00:14But the rally was strong enough to suggest Wall Street is comfortable
00:18with the idea of an expected quarter point rate cut by the Fed.
00:23The mood of the consumer will be in focus Friday
00:25with the University of Michigan's preliminary August read on consumer sentiment.
00:29And speaking of consumer attitudes, McDonald's customers have spoken
00:34and it seems like the company heard them loud and clear.
00:37The burger chain announced it will be extending its $5 meal deal into December.
00:42McDonald's first introduced the $5 deal in June as a one-month promotion
00:47but quickly extended it into a summer-long offering.
00:50The deal allows customers to choose either a McChicken sandwich or McDouble cheeseburger,
00:55small fries, four-piece Chicken McNuggets, and a small soft drink.
00:59The president of McDonald's USA saying,
01:12The fast food giant had been previously able to raise menu prices
01:16without seeing a big dip in sales, but that changed as inflation remained persistent.
01:22The problem isn't McDonald's alone.
01:24The entire industry, with a few exceptions, was forced to change its tune.
01:28Earlier this year, CEO Chris Kuczynski said it was simply more affordable
01:33for customers to eat at home.
01:35This dynamic has persisted through the end of the summer.
01:38According to the latest consumer price data,
01:41the annual rise in the cost of eating out is four times greater than eating at home.
01:47That'll do it for your daily briefing from the New York Stock Exchange.
01:50I'm Conway Gittens with the Street.

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