Remy Blaire brings the latest business headlines from the New York Stock Exchange as markets close for trading on Friday, March 1.
Full video transcript below:
REMY BLAIRE: I'm Remy Blaire, reporting from the New York Stock Exchange.
stocks are closing out the first trading day of March after finishing another positive month. Investors are analyzing comments from a series of Federal Reserve speakers as they look for clues about the Fed's interest rate strategy going forward. Traders are expecting a busy week next week as the closely watched February employment report is released on Friday. This report will give investors a better idea of the health of the US labor market.
In other news, backlash over a partnership with a transgender social media influencer cost the world's largest brewery up to $1.4 billion. Anheuser-Busch InBev says boycotts of Bud Light, in reaction to the partnership with Dylan Mulvaney, prevented the company from reaching its full potential in 2023.
Mulvaney, a trans advocate who has detailed her own transition on social media, has more than 10 million followers on TikTok and another two million on Instagram.
The company sponsored an Instagram post with Mulvaney in April 2023, but anti-trans consumers called for a boycott of the beer, causing sales to plummet. The controversy led to Bud Light losing its more than two-decade reign as the best-selling beer in the United States, with Modelo, which is also owned by AB InBev, taking the top spot. Beer sales account for the majority of the company's revenue each year.
However, CEO Michel Doukeris said the company began to recover from the controversy and its beer market share increased in the second half of the year.
That will be enough for your daily report. From the New York Stock Exchange, I'm Remy Blaire of TheStreet.
