TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and UPS and FedEx have started the holiday shipping battle.
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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 continues to bask in the glow of the Trump rally,
00:08with stocks trading near record highs.
00:10Travel and tourism stocks are in view on Friday
00:13with eyes on quarterly results.
00:15Expedia boosted full-year guidance
00:17after third-quarter bookings were stronger than expected.
00:20Meanwhile, quarterly results were mixed for Airbnb.
00:24Revenues topped forecasts, but earnings were underwhelming.
00:28In other news, there are fewer shopping days
00:31between Thanksgiving and Christmas,
00:33and that means a battle for your shipping dollars.
00:36UPS and FedEx are pulling out all the stops
00:38to make sure they get your order.
00:40The two are going head-to-head on price,
00:43undercutting one another,
00:45especially when it comes to luring orders
00:47from smaller businesses and merchants.
00:49The 2024 holiday season marks the first time
00:52both UPS and FedEx are offering discounts
00:55to smaller merchants,
00:57usually reserved for bigger e-commerce players.
01:00The discounts are already starting to kick in.
01:02According to ASF Logistics,
01:04ground shipping charges fell 2.5% in the third quarter,
01:08due in part to UPS and FedEx price cuts.
01:12Beefed-up competition is also a factor
01:14in pushing shipping costs lower.
01:16The U.S. Postal Service has stepped up
01:18its ground shipping game, taking away market share,
01:21and Amazon is relying more on its own delivery fleet,
01:25which is now delivering more than two-thirds of its orders.
01:28In the end, consumers might end up benefiting
01:31from all this competition.
01:33If retailers get into the holiday spirit
01:36and start passing on those shipping discounts to shoppers,
01:39then pressing the Complete My Order button
01:41will come with its own discount for you.
01:44That'll do it for your daily briefing
01:46from the New York Stock Exchange.
01:47I'm Conway Gittins with The Street.
01:55Thanks for watching.