TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why “Joker: Folie à Deux” had a rough weekend.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Stocks took a breather Monday after posting four straight weekly gains. Higher bond yields and oil prices weighed on sentiment,
00:12mid-week tensions, and a rethink of how quickly the Federal Reserve will lower interest rates were also factors. In addition,
00:18investors are also gearing up for the start of earnings season. On Tuesday, Pepsi will kick things off with its quarterly results.
00:25Wall Street will also keep an eye on Amazon's two-day prime sales event.
00:31In other business headlines, Hollywood is licking its wounds after a high-profile flop.
00:37Joker, forlay ado, tanked in its box-office debut. The film, with Joaquin Phoenix
00:43reprising the role that won him a Best Actor Oscar in 2020, took in only 40 million dollars in this initial weekend.
00:51The first Joker took in 96 million in its 2019 debut.
00:55It then went on to rake in 1 billion dollars in global sales and earn 11 Oscar nominations.
01:02This Joker update cost considerably more than its predecessor.
01:06The price tag came in at about 200 million dollars, not including marketing spending. In
01:11comparison, the original Joker cost only 55 million dollars to make. The failure of Joker, forlay ado,
01:18may be a classic case of what can go wrong when experimenting with comic book movies.
01:24Hollywood wants to extend the life of the genre after two decades of money-making
01:30blockbusters. The three Deadpool movies were successful by taking a comedic route,
01:34but that wasn't the case here. While the Joker sequel retains the dark mood of the original, it takes a
01:41musical interpretation, with Lady Gaga as Joker's love interest and co-partner in crime.
01:47Hollywood can hardly afford a repeat ticket sales already down 11% compared to the same time last year.
01:54The industry hopes Wicked, along with upcoming sequels for Gladiator,
01:58Moana, The Lion King and Lord of the Rings, can salvage this year's box office.
02:05That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.