Amazon has a Prime Day problem

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Amazon has a Prime Day problem.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Wall Street is trying to find its footing one day after the Dow soared in its biggest

00:09rally in more than a year.

00:10A mostly upbeat start to earnings season continues with better than expected quarterly results

00:15from Johnson & Johnson.

00:17Positive sentiment, however, is being partly offset by geopolitical tensions.

00:22Several news outlets are reporting that the White House is preparing to put restrictions

00:26on certain auto components made in China.

00:30In other news, Amazon Prime Day may be a big winner for the online retailer, but the sales

00:35event is wreaking havoc on its workers, according to a U.S. Senate report.

00:40Using company data from Prime Day 2019, the report found injuries at Amazon warehouses

00:45that were serious enough to require disclosure to the Occupational Safety and Health Administration

00:50topped 10 per 100 employees.

00:53That number was more than double the average for the entire warehouse and storage industry.

00:59Amazon's total injury rate for that period, which includes less serious injuries, came

01:04in at around 45 per 100 employees.

01:07The Senate Committee on Health, Education, Labor and Pensions said, quote,

01:11These injury rates are especially egregious in light of the incredible revenue the company

01:16generates and the resources it has available to make its warehouses safe for workers.

01:21Amazon says that employee safety is a high priority and that it has made many changes

01:26over the years to make its warehouses safer.

01:29Prime Day has become a major source of revenue for Amazon.

01:33In 2023, the two-day event brought in $12.7 billion in sales.

01:39That will do it for your daily briefing from the New York Stock Exchange.

01:41I'm Conway Gittins with the Street.