TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and an update on GLP-1 drugs.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:05Inflation is on the mind of Wall Street Wednesday.
00:07The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures
00:11Index, came in hot for October.
00:15Prices were up 0.2 percent for the month and 2.3 percent from a year ago.
00:20In other news, when it comes to Donald Trump's planned across-the-board 25 percent tariff
00:25hike, the prevailing wisdom among economists is that the biggest loser will be you, the
00:31consumer.
00:32Autos are sure to get more expensive.
00:34The auto industry uses a complex supply chain with multiple car parts passing through the
00:40U.S., Canada, and Mexico multiple times.
00:44Automobile and automobile parts are Mexico's two biggest exports to the U.S.
00:49Climate change means we now get 20 percent of all of our fruits and vegetables from our
00:53southern neighbor.
00:54All of you avocado lovers, expect to get hit hard in your wallet if the tariffs go through.
00:59Alcoholic beverages are also on the tariff hit list.
01:02I'm talking beer, tequila, and of course, mezcal.
01:06Turning to our neighbors to the north, Canada's main export to the U.S. is a specific type
01:11of crude oil, which is used at U.S. refineries to produce gasoline and heating oil.
01:17But he predicts prices could go up by $0.25 to $0.75 a gallon, especially on the West
01:24Coast and in the Midwest.
01:27Throw in additional tariffs on Chinese-made goods, and Brendan Duke of Center for American
01:31Progress told USA Today the typical American family will get hit with a price hike of $1,300
01:39a year.
01:40That'll do it for your daily briefing.
01:42From the New York Stock Exchange, I'm Conway Gittens with the Street.
01:47Thanks for watching.