TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, November 10.
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.
Stocks are looking to end the week in the green after snapping an eight-day winning streak on Thursday. This came after Federal Reserve Chair Jerome Powell indicated that the central bank isn’t confident it's done enough to control inflation, meaning more interest rate hikes ahead. And it wasn't just Powell … other Fed officials also suggested that the central bank needs to keep hiking interest rates into next year.
Wall Street is also watching earnings as the third quarter season wraps up. Big retail names like Target, Walmart, and Kohls will release results next week.
In other news, it looks like the Las Vegas casino worker strike has officially been avoided. After the Culinary and Bartenders Unions struck deals with Caesars Entertainment and MGM Resorts earlier this week, the groups have now brokered a 5-year tentative contract with Wynn Resorts, avoiding Friday morning’s strike deadline.
The new Wynn contract covers more than 5,000 employees at its two Las Vegas properties, with a spokesman for the Culinary Union saying, "We are proud to say that this is the best contract and economic package we have ever won."
If the tentative deal is signed, it would end seven months of negotiations between the unions and the three casino giants, and the timing couldn’t be better. Next week, more than 100,000 Formula One racing fans will head to Vegas for the F-1 Grand Prix. Between the race, concerts, and other events, F-1 claims it will generate $1.3 billion for the city.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
