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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why $150,000 doesn’t go as far as it used to.

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00:00I'm Conway Gibbs reporting from the New York Stock Exchange. Here's what we're watching on the street
00:03today. Tech stocks are strong across the board on Monday. Investors are anticipating big tech
00:08earnings which begin Tuesday with Google Parent Alphabet. McDonald's and Chipotle are two other
00:14notables set to release results. Meanwhile, the JOLTS survey which covers layoffs, turnovers,
00:20and quit rates will be released and we get a reading on consumer confidence. Speaking of
00:26consumer moves and habits, a new report suggests a higher number of six income families are now
00:32living paycheck to paycheck. According to a report by Bank of America, someone is living
00:37paycheck to paycheck when more than 95 percent of household income is used to cover bare necessities
00:43like shelter, food, transportation, utilities, and child care. The report says that's what's
00:49happening to 20 percent of U.S. households earning more than $150,000 a year. Bank of
00:55America used anonymous income and spending data from its customers' bank accounts. Conventional
01:01thinking may believe the more money people earn, the more disposable cash they have.
01:05The data, however, does not back that up. Authors of the report say high income earners
01:11also have high income bills. Quote, higher income households may have bought larger,
01:16more expensive homes and consequently have bigger mortgages and often along with bigger homes comes
01:22bigger insurance costs, property taxes, and utility bills. While inflation takes a heavier
01:29toll on those with smaller incomes, the report shows inflation as an equal opportunity drain on
01:35wallets. The cost of living is about 20 percent higher than it was before the pandemic, no matter
01:40what the take-home pay. That'll do it for your daily briefing from the New York Stock Exchange.
01:45I'm Conway Gittins with The Street.

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