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, March 5.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Stocks were in the red to close out today's session. The Dow closed down over 400 points, the Nasdaq closed down just over 1 and a half percent, and the S&P closed 1 percent lower. Tech stocks were dragged lower on a recent report that found Apple’s iPhone sales plunged 24 percent in China to kick off 2024.
Separately, investors are looking ahead to Fed Chair Jerome Powell’s testimony on the Hill Wednesday, and key labor market data with the February jobs report out Friday.
In other news, the title for the world’s richest person has changed hands - again. And it is now Jeff Bezos - again. According to the Bloomberg Billionaires Index, the Amazon CEO is now worth $200 billion, edging out Elon Musk by $2 billion to take the top spot. Bezos has increased his wealth by $23 billion over the past year alone, helping to catapult him to the top of the list.
Bezos has been battling both Musk and LVMH boss Bernard Arnault for the title for several months. Arnault’s company is home to high-end brands like Fendi, Christian Dior, and Tag Heuer - while Musk, of course, is CEO of Tesla, X, and SpaceX.
The five wealthiest people alive - which also include Meta’s Mark Zuckerberg and Microsoft co-founder Bill Gates - are worth a combined $924 billion. Together, the five centi-billionaires would account for the 19th highest GDP in the world.
The top 14 spots on Bloomberg’s Billionaires list are men. L’Oreal’s Francoise Bettencourt Meyer, at 15, is the wealthiest woman alive with a net worth of just over $97 billion.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
