How climate change could impact your wallet over the next two decades

Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, April 18.

Full Video Transcript Below:

CAROLINE WOODS: I’m Caroline Woods reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

Stocks are coming off yet another down day on Wall Street with the S&P 500 and Nasdaq notching their fourth straight day of losses. Both indexes were hit by a broader decline in technology stocks.

Investors are looking ahead to some key corporate earnings, with streaming giant Netflix slated to report after the closing bell. So far more than 11 percent of S&P 500 companies have released results and of those, 72 percent have surpassed Wall Street estimates.

In other news, climate change may start making you poorer. According to a recent study, the effects of severe heat waves, floods and other natural disasters made worse by climate change could result in a 19 percent drop in global income over the next 26 years.

The damages caused by climate change and global warming are expected to run the global economy back $38 trillion a year. While the U.S. is a historic polluter, it will likely take a smaller economic hit compared to poorer countries in the Middle East and Africa.

The researchers said that these distressing findings underscore the need for drastic action on the climate front to avoid even higher costs in the future – stressing that a failure to adapt could lead to average global economic losses of 60 percent by the year 2100.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.

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