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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 Friday, May 31.
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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 focused on two things on Friday – inflation and earnings. Dell Technologies has dampened enthusiasm for technology stocks with huge spending plans on artificial intelligence that could hurt profits. On the inflation front, the PCE index matched expectations. Wall Street awaits next week’s closely watched jobs report. The risks are high as policymakers look to time a rate cut on June 12.
In other news: If you’re hungry and looking for a good deal – you’re in luck. Fast food companies respond to customer complaints by bringing back valuable meals.
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KFC is already announcing four discount offers. The cheapest price is $4.99 and includes two pieces of chicken, a biscuit, and mashed potatoes. In a press release, KFC said their goal is to prove that “you don’t have to sacrifice quality or taste to save on food spending.”
McDonald’s also confirmed that it will introduce a $5 meal this summer. “It is imperative that we continue to keep affordability at the forefront for our customers,” CEO Chris Kempczinski told investors.
Even its main competitor took notice. Burger King is now reportedly rushing to get its $5 budget meal on the table before McDonald’s. Taco Bell and Wendy’s already have budget menus.
And while gains in supermarket food prices slowed last month, you pay on average 4.1 per cent more to eat out than a year ago.
This will do it for your daily briefing. From the NYSE, I’m Conway Gittens from TheStreet.
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