TheStreet's Conway Gittens brings the latest business headlines from the New York Stock Exchange as markets open for trading on Tuesday, May 14.
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Full video transcript below:
I'm Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
stocks are coming off a mixed session on Wall Street with the Dow Jones snapping its longest winning streak since December. Investors are reacting to the Producer Price Index, which showed wholesale inflation rose 0.5 percent in April, more than the 0.3 percent analysts expected. Markets await more data on inflation, with the release of the consumer price index on Wednesday.
In other news: U.S. airlines are suing the Department of Transportation over the agency's new transparency rules. In April, the DOT implemented rules that would require carriers to disclose all fees in advance, including baggage and cancellation fees. Now, some of the country's largest airlines — Alaska, American, Delta, Hawaiian, JetBlue and United — have filed a lawsuit alleging that the DOT overstepped its authority with the new regulations.
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The Biden Administration wants airlines to display all fares on the first page where the price of a flight is listed. The DOT says the move would save commuters more than $500 million a year. The agency backed the rules, saying: “We will vigorously defend our rule by protecting people from hidden junk fares and ensuring travelers can see the full price of a flight before purchasing a ticket. “Many air travelers will be disappointed to learn that the airline lobby is suing to stop these common-sense protections.”
Airline industry trade group Airlines for America disagrees, accusing the DOT of attempting to “regulate private commercial operations in a thriving market.”
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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