TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, October 30.
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 gearing up for a banner week as investors brace for the all-important Federal Reserve decision Wednesday, Apple earnings Thursday, and the October jobs report Friday. As it stands, the central bank is widely expected to hold interest rates steady at the November meeting. Investors expect the Fed is done raising rates for the year.
Meanwhile, as if inflation wasn't already spooky enough, you can add that bag of M&M's to the list of things getting more expensive.
For the second year in a row, candy is seeing a double-digit inflation increase. After candy and gum prices rose 14 percent in October of 2022, they have increased another 13 percent this Halloween. But the high prices haven't frightened Americans from celebrating. According to the National Retail Federation, consumers are expected to spend $3.6 billion on candy this year, a 16 percent increase from 2022.
One of the biggest factors in driving up the price? Weather. Heavy rains in the Ivory Coast, which accounts for over 40 percent of the global cocoa supply, have led to limited production. As a result, cocoa prices are trading at a 44-year high. This has led Hershey to raise its prices by 7 percent or more in each of the last 7 quarters.
When adding in costumes and decorations to the mix, Americans are slated to spend a record $12.2 billion dollars on Halloween this year.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
