Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Friday, March 1.
Full Video Transcript Below:
REMY BLAIRE: I’m Remy Blaire, reporting from the New York Stock Exchange.
Stocks are rounding out the first trading day in March after coming off yet another positive month. Investors are parsing through comments from an array of Fed speakers as they look for hints into the Fed’s interest rate strategy going forward. Traders are looking ahead to a busy week next week with the closely-watched February jobs report on Friday. This report will give investors a better idea of the health of the U.S. labor market.
In other news, backlash over a partnership with a transgender social media influencer cost the world’s largest brewer as much as $1.4 billion. Anheuser-Busch InBev says boycotts of Bud Light, in reaction to partnering 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 of 2023, but anti-trans consumers called for a boycott of the beer, causing sales to plummet. The controversy led to Bud Light losing its two-plus decade reign as America’s top-selling beer, with Modelo, which is also owned by AB InBev, taking the top spot. Beer sales make up the majority of the company’s revenue each year.
However, CEO Michel Doukeris said the company began to rebound from the controversy, with its beer market share increasing in the latter half of the year.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
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