TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why U.S. Steel is hoping Donald Trump can save its deal with Nippon Steel.
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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.
00:05Tech stocks led Tuesday's market decline as strong economic data decreased chances of
00:10a January rate cut.
00:12Growth in the massive U.S. services sector picked up in December, according to the Institute
00:16for Supply Management.
00:18Meanwhile, job openings hit a six-month high in November, according to the Labor Department.
00:23On Wednesday, investors will get minutes from the Fed's December meeting, private hiring
00:27numbers from ADP, and weekly jobless claims.
00:32In other news, the head of U.S. Steel is appealing directly to President-elect Donald Trump after
00:38the Biden administration blocked his company's sale to Nippon Steel of Japan.
00:43The outgoing Biden administration cited national security concerns for its opposition to the
00:48$14 billion sale, even though Japan is one of America's closest allies.
00:54In an interview with CNBC, CEO David Burrett urged Trump to, quote, step in now and undo
01:01the wrongful, shameful, corrupt actions of Biden.
01:05Trump doesn't officially become president until January 20.
01:08That, however, did not stop Burrett from making his pitch directly to Trump, quote, he's a
01:14smart guy.
01:15He has the opportunity to have fresh eyes and do what's right, and I believe strongly
01:20he will.
01:21Trump, however, is on record as opposing a deal that could cost U.S. jobs, something
01:27that clearly does not fit in with his Make America Great Again ethos.
01:31U.S. Steel and Nippon have filed a lawsuit claiming Biden's decision was unconstitutional.
01:38That'll do it for your daily briefing.
01:40From the New York Stock Exchange, I'm Conway Gittins with The Street.