TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Foot Locker is surging.
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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.
00:05 Investors had their eyes on technology stocks after Dow Component Salesforce issued its
00:08 weakest ever sales growth forecast.
00:11 Wall Street was also rattled by the idea it may have to wait longer for an interest rate
00:16 cut.
00:17 Revised data released Thursday showed the economy grew at a slower pace in the first
00:21 quarter than initially announced.
00:23 Inflation, however, remains uncomfortably high for the Federal Reserve's liking.
00:28 Investors await more insight on inflation from Friday's release of the PCE index.
00:34 In other business headlines, a turnaround at Foot Locker is gaining traction.
00:38 Quarterly revenues matched expectations at $1.8 billion, while a measure of individual
00:44 store sales was not as bad as feared.
00:46 The athletic gear retailer has been on the losing team as higher prices cause a shift
00:51 in consumer spending.
00:52 But Foot Locker says average selling prices were up last quarter and more shoppers are
00:57 willing to pay full price if it's something they really want to buy.
01:01 Foot Locker CEO Mary Dillon said the fixes she's put in place are "solidifying our position
01:08 at the intersection of basketball and sneaker culture."
01:11 The company has taken steps to improve business by remodeling stores, opening off-mall locations,
01:17 tweaking its loyalty program and investing in online operations.
01:21 A better product mix from Nike could also help as sneakerheads get ready for their next
01:26 Air Jordans.
01:27 And that'll do it for your daily briefing from the New York Stock Exchange.
01:30 I'm Conway Gittens with the Street.
01:32 Thanks for watching.
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