TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Amazon’s latest big reveal.
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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.
00:04The mood on Wall Street was mostly upbeat as a tame inflation report gives the Federal
00:10Reserve room to keep cutting interest rates.
00:12Meanwhile, shares of Spotify touched an all-time high.
00:15The audio streaming company says it is on track to turn a full-year profit for the first
00:20time in its history, and subscriber numbers grew to 252 million.
00:27Turning to other headlines, Amazon is taking the fight to newcomers Timu and Xi'an with
00:32a new discount web store dubbed Amazon Haul.
00:36The web store will be located within the Amazon app and on its website.
00:41Products sell for $20 and under, and Amazon says the majority will cost under $10.
00:46Items for sale spread across various product lines, either sold by Amazon directly or from
00:52one of its selling partners.
00:54With inflation-battered consumers in mind, even bigger discounts will kick in depending
00:58on the final order.
01:00Amazon executive Dharmesh Mehta said in a statement, quote,
01:04Amazon Haul aims to help make shopping for fashion, home, lifestyle, electronics, and
01:09other products even more fun, easy, and affordable, all backed by Amazon's A2Z product guarantees
01:17so customers can shop with confidence that the products they're purchasing are safe,
01:21authentic, and in the condition expected.
01:25The final part of that quote is a dig at Chinese e-commerce operators Timu and Xi'an, which
01:30have rapidly expanded in the U.S., but have also come under fire for safety, quality,
01:36and authenticity concerns.
01:38And in another competitive block-and-tackle move, Amazon is tapping into the prowess of
01:44its shipping network.
01:45Amazon Haul comes with free shipping for a mere $25 order at checkout.
01:52That'll do it for your daily briefing from the New York Stock Exchange.
01:55I'm Conway Gittins with The Street.