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TheStreet’s Conway Gittens brings you the latest business headlines from the floor New York Stock Exchange With markets closing for trading on Thursday, May 30.
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Full video transcript below:
Conway Gates: I’m Conway Gittens, I work for the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors were watching technology stocks after Dow Component Salesforce released its weakest sales growth forecast ever.
Wall Street was also shaken by the idea that it might have to wait longer for a rate cut. Revised data released Thursday showed the economy grew at a slower pace in the first quarter than initially reported. However, inflation remains uncomfortably high for the Fed’s liking. Investors are awaiting more information on inflation after the personal consumption expenditures index was released on Friday.
And in other business titles: Foot Locker’s transformation gains momentum. Quarterly revenue matched expectations at $1.8 billion, while the single-store sales measure was not as bad as expected.
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The sports equipment retailer was on the losing side as rising prices caused a shift in consumer spending. But Foot Locker says average sale prices rose last quarter and more shoppers are willing to pay full price if it’s something they really want to buy. Foot Locker CEO Mary Dillon said the reforms it implemented “reinforce our position at the intersection of basketball and sneaker culture.”
The company took steps to improve its business by redesigning stores, opening non-mall locations, adjusting its loyalty program, and investing in online operations. Nike’s better product mix could also help prepare sneakerheads for the upcoming Air Jordans.
This will do it for your daily briefing. From the NYSE, I’m Conway Gittens from TheStreet.
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