• 7 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why major U.S. Airlines are suing the DOT.

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Sports
Transcript
00:00 I'm Conway Gittins reporting from the New York Stock Exchange.
00:02 Here's what we're watching on the street today.
00:04 Stocks are coming off a mixed session on Wall Street,
00:07 with the Dow snapping its longest winning streak
00:10 since December.
00:11 Investors are reacting to the producer price index, which
00:14 showed wholesale inflation rose half of 1% in April,
00:18 hotter than the 0.3% analysts had expected.
00:21 Markets are looking ahead to more inflation data
00:24 with the release of the Consumer Price Index Wednesday.
00:28 In other news, US airlines are suing
00:30 the Department of Transportation over the agency's
00:33 new transparency rules.
00:35 In April, the DOT implemented rules
00:37 that would require carriers to disclose all fees up front,
00:41 including baggage and cancellation fees.
00:44 Now, some of the country's largest carriers--
00:46 Alaska, American, Delta, Hawaiian, JetBlue, and United--
00:50 have filed a lawsuit alleging the DOT overstepped its
00:54 authority with the new regulations.
00:57 The Biden administration wants airlines
00:59 to show all fees on the first page
01:01 where a price for a flight is listed.
01:04 The DOT claims the move would save travelers more than a half
01:07 a billion dollars a year.
01:09 The agency backed the rules, saying, quote,
01:12 "We will vigorously defend our rule,
01:14 protecting people from hidden junk fees,
01:16 and ensuring travelers can see the full price of a flight
01:20 before they purchase a ticket."
01:22 Many air travelers will be disappointed to learn
01:25 that the airline lobby is suing to stop
01:27 these common-sense protections.
01:30 Airline industry trade group Airlines for America
01:32 disagrees, accusing the DOT of trying, quote,
01:35 "to regulate private business operations
01:38 in a thriving marketplace."
01:40 That'll do it for your daily briefing from the New York
01:42 Stock Exchange.
01:43 I'm Conway Gittens with The Street.
01:46 [BLANK_AUDIO]

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