TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, October 26.
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.
Wall Street is digesting some economic data – GDP and weekly jobless claims. The GDP report showed that the U.S. economy grew 4.9 percent in the third quarter, up from 2.1 percent last quarter. This is just the latest sign of economic resilience despite the Federal Reserve's efforts to slow the economy.
And jobless claims came in higher than expectations...210,000 people filed for unemployment last week, above estimates of 208,000. While it's the first time in weeks we've seen these claims higher than expectations, they still remain in low territory.
Meanwhile - another day, another streaming service price hike. This time it's Apple, which announced it will be raising the monthly price of an Apple TV Plus subscription from $6.99 a month to $9.99 a month.
Home to hits like "Ted Lasso" and "The Morning Show," this is the second price hike for Apple TV in the last 12 months after the company raised the monthly price from $4.99 to $6.99 in October of 2022.
However, Apple TV is not the only Apple service getting a price bump. Apple Arcade, Apple News, and Apple One all saw their subscription costs increase between two and three dollars a month. Apple's subscription revenue jumped by 8% year-over-year in Q2 - bringing in $21 billion.
This news comes just a week after Netflix announced it would raise the prices of its premium ad-free tier and its basic plan. And Amazon, Disney Plus, Peacock, and Hulu have all announced increases to their streaming service platforms within the last three months.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
