TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, October 31.
Full Video Transcript Below:
I’m J.D. Durkin, reporting from the New York Stock Exchange.
Stocks were in the green to close out today’s session. The Dow closed up 123 points, the Nasdaq closed up four tenths of a percent, and the S&P closed six tenths of a percent higher. While stocks did see some green, all three major averages ended the month in the red for the third straight month.
The Federal Reserve’s two-day policy meeting kicked off today, and investors are looking ahead to Chair Jerome Powell’s press conference Wednesday. While Wall Street is pricing in a 97 percent chance that the central bank will hold rates steady, investors will be paying close attention to Powell’s comments for a gauge on the future of interest rates.
Turning to tech, it’s been a roller coaster ride, to say the least, for Elon Musk since he purchased X, then Twitter, a year ago. But from an investment standpoint, it’s been a total loss.
Musk agreed to purchase the company for $54.20 a share, giving the social media company a market value of $44 billion. Now, almost exactly a year to the day when Musk acquired the firm, its value has plummeted by 55 percent, meaning X is now worth about $19 billion. But Fidelity, which contributed $300 million to Musk’s purchase, says it thinks the company is worth 65 percent less than what it was sold for.
Last November, Musk joked about the purchase, using the platform to say, “How do you make a small fortune in social media? Start out with a large one.”
But company brass isn’t letting a few numbers ruin its fun, with new CEO Linda Yaccarino telling employees just last week, “For people that don’t see our vision yet, people that don’t see what’s happening here at X, stop giving any of that oxygen. Don’t pay attention to it.”
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
