TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, February 14.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a brutal session Tuesday, with the Dow suffering its worst day since March 2023. It came as investors reacted to hotter than expected inflation data, with consumer prices rising faster than expected in January. This report stoked fears that the Fed could keep interest rates higher for longer.
Separately, traders are reacting to a batch of corporate earnings reports – both Lyft and Airbnb posted a beat on fourth-quarter earnings. So far, over half of the companies reporting have beaten Wall Street estimates.
In other news, Americans are finding it increasingly more expensive to dine out, as opposed to cooking at home. According to the January Consumer Price Index, which measures what consumers pay for goods and services, restaurant prices are up 5.1 percent year over year, while the cost of groceries rose just 1.2 percent.
That’s a stark contrast from January 2023 when restaurant food prices were up 8.2 percent, and groceries increased 11.3 percent.
Fresh vegetables might be the biggest reason your dinner bill is on the rise, as the category saw a 2.4 percent price increase in January. Tomatoes saw the biggest spike, costing 4.6 percent more in January than they did in December.
But there’s good news if you enjoy a nice ham or a can of tuna. Ham and shelf-stable fish and seafood saw the biggest price drops last month – down 3.1 percent and 2.9 percent, respectively. However, across all goods followed by the CPI, eggs have seen the biggest price drop on an annual basis, down almost 29 percent – followed by lettuce at number two, and apples taking third place.
That’ll do it for your daily briefing. I’m J.D. Durkin with TheStreet.
