Warner Brothers reports $400 million loss despite 'Barbie' success

TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, November 8. 

Full Video Transcript Below:

J.D. DURKIN: I'm J.D. Durkin, reporting from the New York Stock Exchange.

Stocks are looking to keep up their winning streak after seven straight days of gains. Top of mind for investors today was Federal Reserve Chairman Jerome Powell's speech, while he didn't address monetary policy, he spoke on a host of economic issues.

According to the CME FedWatch tool, which analyzes the probability of the Fed's next move, there is now a 90 percent chance that the central bank holds rates steady for the remainder of the year and a roughly 20 percent chance of a rate cut in March.

Wall Street is also looking ahead to earnings from Disney out later this afternoon. Investors will be paying close attention to how the company is faring amid an ongoing actors strike and a struggling streaming business.

Meanwhile, it doesn't seem like the Barbie movie was quite enough to save Warner Brothers last quarter. Despite the record 1.5 billion dollars the iconic film brought in for the company, the media and entertainment giant reported an over 400 million dollar loss, much steeper than Wall Street expected.

But Barbie wasn't unhelpful... The biggest movie in Warner Brothers' history helped boost its studio revenue to 3.2 billion, up 3 percent from last year.

Warner Brothers reported the deepest decline in its advertising revenue, which fell 12 percent. The company also blamed the weaker than expected quarter on the months-long writers strike and ongoing SAG strike.

That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.