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, November 9.
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 build on their momentum as the rally continues. Stocks have closed in the green for eight days straight, marking the longest winning streak in two years. November is typically one of the strongest months for markets.
Meanwhile, investors are also digesting weekly jobless claims. 217,000 Americans filed for unemployment last week, less than Wall Street had expected. This is yet another sign that the job market is still strong.
In other news - we are quickly approaching the biggest shopping day on the planet, and we're not talking about Black Friday or Cyber Monday.
November 11 is known as China's Singles Day because it falls on 11-11, or 1-1-1-1. The holiday was created in 1993 to celebrate unmarried people as a form of anti-Valentine's Day. In 2009, Alibaba began using it as a holiday to promote enormous deals, and what started as a one-day sale is now a weeks-long shopping event.
But if you thought the U.S. holiday shopping season brought in big bucks for retailers, you're in for a surprise. According to Bain and Company, the total estimated value of merchandise sold during the 2022 Singles Day event topped $140 billion. That's more than Americans spent online during Black Friday and Cyber Monday combined.
However, some analysts believe this year's Singles event might see a dip in consumer spending due to tough economic conditions in China. High unemployment, decreasing income, and a cutback on spending could force would-be shoppers to skip out on the sales.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
