The Street
The Street
  • 2 days ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why credit card debt is becoming an even bigger concern.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Stocks experienced a minor pullback one day after the S&P 500 and the Dow set fresh record
00:10highs.
00:11Most of the angst came from semiconductors after somber comments from chip equipment
00:15maker ASML.
00:16On the earnings calendar for Wednesday, Morgan Stanley and transportation company CSX.
00:24In other news, Americans are feeling less anxious when it comes to job security.
00:29They're less worried inflation will continue at breakneck speed and they aren't too concerned
00:34about their spending power compared to the pre-pandemic days.
00:38But what they are worried about is credit card debt.
00:42According to a survey released by the New York Federal Reserve, the number of Americans
00:46who live in fear of missing a credit card payment jumped to its highest since the early
00:51days of the pandemic.
00:53Those who think they might miss a minimum payment in the next 90 days rose to 14.2 percent
00:59in September from 13.6 percent in August.
01:03There are two notable things which stand out.
01:05Number one, the age group most worried about missing a payment is the one in its peak earnings
01:11years, 40 to 60 year olds.
01:14Number two, the income level where the worries have increased the most was on the high end.
01:19Americans with annual household incomes above $100,000.
01:24Americans had $1.14 trillion in credit card debt to juggle as of the end of the second
01:30quarter.
01:31Lenders have taken notice.
01:32Third quarter results from the nation's banks show the industry is stashing away even more
01:37cash to cover loans that could go bad, even though times are good with a healthy labor
01:42market and interest rates on the decline.
01:46That'll do it for your daily briefing from the New York Stock Exchange.
01:48I'm Conway Gittins with the Street.

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