TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and an E. coli outbreak at McDonald’s.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. Stocks are under pressure Wednesday as interest rates in the bond market
00:07remain elevated. Comments from some members of the Federal Reserve suggest the economy won't
00:12need as many interest rate cuts as earlier believed. Meanwhile, earnings season is
00:17providing little upside. Starbucks pre-announced somber quarterly results and withdrew its forecast
00:23for the year. Turning to other headlines, an E. coli outbreak linked to McDonald's has resulted
00:29in one death and sickened 49 people. At least 10 of those people were so sick they had to be sent
00:35to the hospital. According to the Centers for Disease Control and Prevention, the outbreak
00:40started in September and stretches across 10 states. Most of the cases were in Colorado. The
00:46CDC says most of the people started feeling ill after eating a quarter pounder hamburger. Right
00:52now the focus is on the slivered onions used on the burger as the source of the sickness.
00:57According to McDonald's, this ingredient was sourced from a single supplier that serves three
01:02of its distribution centers. In a statement posted on its website, McDonald's says, quote,
01:07the health and safety of our people and customers is our top priority. McDonald's has temporarily
01:14pulled the item off the menu in the areas impacted. It also said it, quote, will continue to work with
01:21Centers for Disease Control and Prevention and are committed to providing timely updates as
01:26we restore our full menu. While the outbreak seems to be contained to one section of the United
01:32States, it does present a new challenge for McDonald's. Sales were already under pressure
01:37as consumers continue to respond to stubbornly high food inflation. One analyst pointed out
01:42it took Chipotle a year and a half to recover from an E. coli outbreak in 2015, while sales
01:47at Jack in the Box slid for a year when it dealt with an outbreak back in 1993. That'll do it for
01:53your daily briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.