Market historian on the risks facing an impending Santa Claus rally.
Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street closed out the week with a focus on Washington’s government funding debate, better than expected inflation results, and corporate earnings. Carnival topped quarterly sales and profit forecasts thanks to robust demand for cruises. Nike’s first report under its new CEO was better than expected but the athletic gear company thinks a turnaround will take longer than anticipated. FedEx beat earnings forecasts but missed sales estimates. The company is splitting its long-haul freight division from its express package shipping unit.
Sticking with corporate news….First Amazon, now Starbucks- the coffee chain getting hit by workers going on strike during the busy holiday rush.
Starbucks baristas in Los Angeles, Chicago and Seattle have walked off the job over better pay. Starbucks Workers United, the union representing the striking baristas, are accusing the company of “backtracking on our promised path forward.” It warns the strike will spread to other cities.
The two sides have been on a collision course, reversing goodwill established earlier this year. According to the union, talks broke down this week after Starbucks offered zero pay hikes for now and a 1.5 percent guaranteed annual raise thereafter. Starbucks says the union asked for a 64 percent pay hike now and 77 percent over a three-year contract, but then walked away from the bargaining table. “We are ready to continue negotiations to reach agreements. We need the union to return to the table.”
Labor unions have been emboldened by a number of high-profile wins in 2024, including Boeing and a tentative agreement for dock workers.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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