TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, May 29.
Related: Target to cut prices on thousands of essentials: Here's what's included
Full Video Transcript Below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
It was a sea of red on Wall Street. The Dow shed about 400 points. The Nasdaq dipped six-tenths of a percent, and the S&P 500 lost eight-tenths of a percent.
Investors were spooked by rising bond yields, with those higher borrowing costs pointing to uncertainty about the timing of an interest rate cut by the Federal Reserve. A survey of economic conditions released Wednesday by the Fed added to the angst. The so-called Beige Book showed an economy that continues to expand, with an inflation rate that's not coming down fast enough. The Fed meets again in June. We'll get more on inflation later this week.
In related news, more price cuts are coming to Main Street. Walgreens is the latest retailer to announce that it is slashing prices as inflation-weary consumers curtail spending.
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The drug store chain decided to lower prices on more than 1,300 name brand and store-branded products. The price cuts include items in the health and wellness aisle, personal care products, and items consumers will need to keep cool and have fun during the summer.
In a press release, Walgreens said it "understands our customers are under financial strain and struggle to purchase everyday essentials."
Walgreens isn't alone. Walmart and Target recently announced price cuts on thousands of products, and fast-food companies like McDonald's and Burger King are beefing up their budget-friendly offerings.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens with TheStreet.
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