Walmart teams up with Burger King

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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Walmart+ users are getting free food.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:05An orderly slowdown in the labor market is solidifying hopes for a September rate cut
00:11from the Federal Reserve.
00:12Applications for jobless benefits rose by just 4,000 for the week ended August 17th
00:17to 232,000.
00:20Anticipation is building for Friday's speech from Fed Chair Jerome Powell.
00:24Meanwhile, there's new data on the housing market.
00:27Existing home sales in July rose for the first time in five months.
00:31The median sales price was up to $442,600.
00:37Turning now to another story making headlines, Walmart is adding a new perk to its Walmart
00:43Plus subscription shopping service, burgers.
00:46More specifically, there's a 25% discount on meals at Burger King and a free signature
00:51Whopper every three months.
00:53The team-up is Walmart's latest effort to make a dent in the runaway success of Amazon
00:58Prime, which according to third-party estimates has 184 million members compared to just 29
01:04million for Walmart Plus.
01:06Throwing in a fast food bonus makes sense for Walmart as it is already the country's
01:11biggest seller of groceries.
01:13Highlighting the Burger King tie-up in a statement, Walmart said, quote, this unique benefit is
01:18designed to save members time and money.
01:21Catering to their fast-paced lifestyles with grocery shopping, meal planning and cooking
01:26may not always be feasible.
01:28The Burger King discount also adds to Walmart's cachet as the place to go when money is tight
01:34and inflation is elevated.
01:36The world's largest retailer saw a 22% surge in U.S. online sales during the second quarter,
01:41which boosted total U.S. revenue to $115 billion.
01:46For its part, Amazon has a partnership with Grubhub, allowing Prime members to place delivery
01:51orders for free.
01:53Amazon Prime, however, costs $139 a year compared to Walmart Plus, which has an annual fee of
01:59less than $100.
02:02That'll do it for your daily briefing.
02:04From the New York Stock Exchange, I'm Conway Gittins with the Street.

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