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, October 27.
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.
Positive earnings from both Amazon and Intel helped ease worries around big tech after the market witnessed steep losses on Thursday. Amazon reported better than expected results in its third quarter, with a 13-percent jump in revenue. Intel also posted strong results, with upbeat guidance heading into the fourth quarter.
Investors are also digesting the latest inflation report – PCE data. This figure came in at 0.3 percent, right in line with expectations. The Federal Reserve pays the closest attention to this figure, which could help decide its path forward on interest rates. Currently, investors are pricing in a 99 percent chance that the central bank holds rates steady during its November meeting.
Switching tunes - Taylor Swift can call herself a lot of things - music star, pop culture queen, icon - and now, according to Forbes: billionaire. Thanks to her record-breaking Eras Tour, Swift's net worth now sits at $1.1 billion.
Here's the breakdown of how the singer earned her first billion: Swift's entire music catalog is worth an estimated $400 million, ticket sales and merchandise from concerts account for $300 million, Spotify and YouTube earnings - $120 million, her five personal properties account for $110 million, and royalties brought in $80 million.
The Eras Tour, which still has 89 more shows scheduled, could bring in more than $2 billion in North American ticket sales alone.
But she's not only raking in the cash for herself. Swift's 53 U.S. concerts this year have added more than $1 billion dollars to the country's GDP, according to Bloomberg. The final six nights of her tour in Los Angeles boosted the city's economy to the tune of $320 million.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
