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The Street
  • 10/1/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why staying warm this winter is going to cost you.

Category

🥇
Sports
Transcript
00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04The final quarter of 2024 got off to a rocky start following the 5.5% gain for the S&P 500 in the third quarter.
00:13Investors had several negative things to contend with on Tuesday.
00:17Military conflict is expanding in the Middle East as Iran fired missiles into Israel.
00:22Meanwhile, here at home, a massive port worker strike could cost the economy $5 billion a day.
00:29According to estimates by JPMorgan Chase.
00:32Looking ahead, private payroll numbers for September will be released on Wednesday.
00:37In other news, autumn temperatures have barely set in, but it's already time to start thinking about home heating season.
00:43Inflation-weary Americans won't be happy to hear this.
00:47It's going to cost more to heat your home this winter.
00:50Prices vary depending on heating sources.
00:53Electric heating bills are expected to jump nearly 14% to just over $1,200 this winter,
00:59according to the National Energy Assistance Directors Association.
01:03Propane users will see a 7% rise to $1,442.
01:08Natural gas bills will see a similar percentage rise to $644.
01:13If you're using a traditional oil furnace, your cost is estimated to go up by only 6% to $1,963.
01:22The main culprit for the price spike is a forecast predicting colder temperatures
01:27throughout the main home heating region of the Northeast and Midwest.
01:31These predictions, however, don't take into account any oil shocks caused by escalating military activity in the Middle East.
01:37Any disruptions to the global oil market will likely lead to even higher prices.
01:42And that's something millions of Americans can't afford.
01:47That'll do it for your daily briefing from the New York Stock Exchange.
01:50I'm Roy Giddins with the Street.

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