TheStreet’s Conway Mittens brings you the biggest news of the day, including what investors are watching and Walgreen’s will continue with its current security measures.
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00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:05The benchmark S&P 500 traded in record territory on Wednesday.
00:09Tech led the pack after President Trump unveiled an AI initiative called Stargate AI.
00:15Meanwhile, good news for prospective homebuyers.
00:18Mortgage rates nudged lower for the first time in six weeks, according to the Mortgage Bankers Association.
00:24On Thursday, investors will get quarterly numbers from American Airlines and CSX.
00:30In other news, sometimes when an industry tries to solve one problem, all it does is create a new problem.
00:37Well, that's what the retail sector is dealing with as a measure to stop theft creates its own money-losing problem.
00:44I'm talking specifically about the pandemic-era practice of locking just about everything behind a glass case.
00:52It turns out that this is leading to lower retail sales.
00:56Walgreens admitted as much in a recent earnings call.
00:59Quote, when you lock things up, for example, you don't sell as many of them.
01:04We've kind of proven that pretty conclusively.
01:07Consumers are growing more frustrated with having to wait for a clerk to unlock a glass case for things as simple as toothpaste, mouthwash, deodorant and razors.
01:17Instead of waiting, they're walking out the store and ordering online from websites like Amazon.
01:23Walgreens admits it is giving up sales to the Amazons of the world, but it's not ready to get rid of those glass cases just yet.
01:31But what retailers gain in one part of the store, they're losing in another.
01:36Self-checkout has become a major point of theft, leading many retailers like Target and Dollar General to either scale back their use or order fewer scanners altogether.
01:48That'll do it for your daily briefing from the New York Stock Exchange.
01:52I'm Conway Gittins with The Street.