TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why eggs continue to get more expensive.
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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 Dow set a fresh record closing high on Monday thanks to Trump optimism.
00:10Scott Besant, Donald Trump's pick for Treasury Secretary, plans to make tax cuts a priority
00:16according to the Wall Street Journal.
00:18On Tuesday's calendar, we have minutes from the Federal Reserve's November meeting, readings
00:23on new home sales, the S&P K Shiller Home Price Index, and consumer confidence.
00:29And speaking of shopping, one key ingredient for Thanksgiving dinner is going to give you
00:34sticker shock this holiday.
00:36The price of eggs were already up more than 30 percent from a year ago, heading into the
00:40holidays according to the October Consumer Price Index.
00:44And that number is getting worse as Thanksgiving demand kicks in.
00:49In the New York area, for example, the wholesale price for a dozen large white eggs went to
00:54$4.23 as of mid-November from $2.43 a year ago.
01:00That 54 percent price increase is being passed on to the consumer.
01:05I went Thanksgiving shopping over the weekend and a dozen large eggs cost $4.99.
01:12So why are eggs so expensive?
01:14It all boils down to the law of supply and demand.
01:18Sure, demand is up during the holidays, but that's only half the story.
01:23Supplies are way down this year due to avian flu.
01:27The American Farm Bureau Federation says nearly 10 percent of the nation's egg supply has
01:32been wiped out since 2022 because of bird flu.
01:36And a recent outbreak is likely to take 60 billion eggs out of the food supply, according
01:41to a report by the U.S. Department of Agriculture.
01:45And it's not just the price of raw eggs that's going to hit you in the wallet.
01:49Eggs are the main component in mayonnaise and a key ingredient in pasta, so expect to
01:55pay much more for those food items as well.
01:59That'll do it for your daily briefing from the New York Stock Exchange.
02:02I'm Conway Gittins with The Street.