Transcript:
Conway Gittens: I’m Conway Gittens reporting from New York City. Here’s what we’re watching on TheStreet today.
The Nasdaq snapped a five-day losing streak amid a stock market surge Wednesday. Confirmation that some of inflation is easing again was cheered across Wall Street. Financials also boosted confidence. JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and BlackRock all posted solid fourth-quarter earnings.
Investors will get more bank results from Bank of America and Morgan Stanley on Thursday. December retail sales data are also due.
Related: What the FDA isn't catching: tampons' hidden threat to your health
In other business news, some of your favorite foods and drinks may look different starting January 2027. That’s because the U.S. Food and Drug Administration is banning the use of red dye No. 3 because of cancer risk.
The additive is derived from petroleum and is responsible for giving foods, drinks, and pharmaceuticals that bright, red-cherry color. It’s mainly used to color candies, cakes, cupcakes, cookies, frozen desserts, frostings, icings, and certain drugs.
Announced in President Biden’s final days in office, the ban comes after several groups fought for it. Scientists discovered a link between the dye and cancer in rats more than 3 decades ago. According to the FDA press release announcing the ban, the law “prohibits FDA authorization of a food additive or color additive if it has been found to induce cancer in humans or animals.” The FDA banned red dye No. 3 from cosmetics back in 1990.
This updated FDA regulation includes all food and drug imports as well. The EU, Australia, New Zealand, and the state of California already ban its use.
That’ll do it for your Daily Briefing. From New York City, I’m Conway Gittens with TheStreet.
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