The Street
  • 7 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Walmart is closing stores and laying off employees.

Category

🥇
Sports
Transcript
00:00 I'm Conway Gittens reporting from the New York Stock Exchange.
00:02 Here's what we're watching on the street today.
00:04 The Nasdaq hit a new record high on Tuesday,
00:07 and the S&P 500 flirted with a high of its own.
00:10 The Dow also finished Tuesday's session in the green.
00:13 Investors shrugged off inflation data and retail woes.
00:17 Wholesale inflation came in at a hotter than expected 0.5% for April.
00:22 Meanwhile, quarterly sales dropped for the sixth straight quarter at Home Depot.
00:26 Investors are still betting on a rate cut coming as early as September.
00:30 Consumer inflation numbers due Wednesday could confirm those hopes.
00:34 In other news, not even Walmart is immune from shifting consumer habits.
00:39 America's largest retailer is being forced to slim down
00:42 as consumers who flocked to the internet during the pandemic
00:46 fail to return to in-store buying.
00:49 And shoppers feel the pinch from inflation.
00:52 Walmart is closing underperforming stores across the country this year,
00:56 following 24 closures in 2023, far more than the 15 originally slated.
01:02 That's not all.
01:03 It is shutting all of its 52 health centers and closing its entire health division.
01:08 The belt tightening is also happening at the corporate level.
01:11 Walmart is slashing hundreds of office jobs
01:14 and urging remote workers to relocate to one of three major hubs,
01:17 according to media reports.
01:19 Those who don't want to move will have to quit.
01:22 The cuts at Walmart could be a sign of things to come,
01:25 as Walmart is the country's largest private employer.
01:29 Investors will get a deeper look at what's happening at Walmart
01:32 when quarterly results are released Thursday.
01:35 And that'll do it for your daily briefing from the New York Stock Exchange.
01:38 I'm Conway Gittens with The Street.
01:40 [BLANK_AUDIO]

Recommended

1:07
I
Up next
How lower interest rates will impact housing market
The Street
0:33
CFPB Orders Google Payment Supervision, Cites Consumer Risks
Benzinga
2:13
Walmart teams up with Burger King
The Street
2:04
Major retailers continue to close stores
The Street
1:58
Walmart sends warning about potential tariff war
The Street
1:39
Walmart stock hits all-time high
The Street
1:37
Walmart is going automated to help its grocery business
The Street
1:47
Big Lots on the verge of closing hundreds of stores
The Street
1:47
Target’s bleak holiday outlook is bad news for other retailers
The Street
1:51
Dollar stores react to Trump tariffs
The Street
1:51
Target to close stores in four major cities due to theft
The Street
1:53
7-Eleven to close 444 stores
The Street
1:22
How Walmart, Target And Other Retailers Are Approaching Black Friday
The Street
1:59
Walmart will open or expand 150 stores
The Street
1:47
Walmart continues to benefit as consumers resist high prices
The Street
2:01
Bed Bath & Beyond is coming back to brick and mortar stores
The Street
1:55
Aldi announces Thanksgiving meal deal to fight inflation
The Street
1:55
These retailers have all increased the interest rates on their store cards
The Street
2:03
Americans are ditching dollar stores
The Street
1:47
A convenience store mega-merger is in the works
The Street
1:39
Sears to close last New Jersey location, leaving about a dozen left in the U.S.
The Street
1:47
Cargill to lay off 5% of global workforce
The Street
1:39
Walgreens to lower prices on thousands of products
The Street
1:31
Walmart Announces Layoffs of Corporate Employees
Wibbitz Top Stories
1:38
Foot Locker surges as sneaker heads prepare to pay full price
The Street