TheStreet's Conway Gittens brings the latest business headlines from the New York Stock Exchange as markets close for trading on Thursday, May 30.
Related: stock market Today: stocks Fall on Inflation Worries; GDP slows, Salesforce plummets
Full video transcript below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
Investors had their eyes on technology stocks after Dow Jones component Salesforce issued its weakest sales growth forecast to date.
Wall Street was also shaken by the idea that it may have to wait longer for an interest rate cut. Revised data released Thursday showed the economy grew at a slower pace in the first quarter than initially announced. However, inflation remains uncomfortably high for the Federal Reserve's liking. Investors expect more information on inflation following the release of the PCE index on Friday.
In other business headlines: A turnaround at Foot Locker is gaining traction. Quarterly revenue met expectations at $1.8 billion, while a measure of individual store sales was not as bad as feared.
See more videos:
- New dyslexia treatment aims to overcome the biggest obstacle in cognitive healthcare
- How This YouTuber Got a Huge Audience Playing Slots
- Yes, there are fewer chips in the bag: Shrinkflation, explained
The sporting goods retailer has been on the losing team as higher prices cause a shift in consumer spending. But Foot Locker says average sales prices rose last quarter and more shoppers are willing to pay full price if it's something they really want to buy. Mary Dillon, CEO of Foot Locker, said the solutions she has implemented are “solidifying our position at the intersection of basketball and sneaker culture.”
The company has taken steps to improve the business by remodeling stores, opening locations outside of malls, modifying its loyalty program and investing in online operations. A better product mix from Nike could also help as sneakerheads prepare for their next Air Jordans.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
Related: A veteran fund manager picks his favorite stocks for 2024
