Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The Dow, the S&P 500, and the Nasdaq closed at record highs on Monday. Bitcoin also traded in never-seen-before territory, topping $87,000. Anything related to crypto went along for the ride. A 20 percent jump in shares of crypto trading platform Coinbase sent that stock to its highest price ever.
Coming on Tuesday, quarterly results from Home Depot, Hertz, LiveNation and Spotify.
Related: Outsmart inflation: How to shop second-hand
Turning to other business headlines, retailers are always looking for a new promotion to drive sales, but a recent promotion is already running out of favor with consumers.
This year, 11-11, otherwise known as Single’s Day, is not turning out to be the big selling day it used to be in China. Created back in 2009 by Chinese online retailing powerhouse Allbaba, shoppers this year just aren’t in a shopping mood amid a lackluster Chinese economy. A sluggish real estate market and a battle against deflation have left consumers - well - deflated.
Just like Black Friday in the States, Single’s Day sales are now kicking-off in October - stretching promotions to weeks instead of just a single day.
Online sales for the period used to jump double-digits but that changed in 2023. E-commerce sales jumped just 2 percent to $156 billion that year, according to one estimate. Experts worry that number may be hard to hit in 2024 as retailers pull back on marketing costs. In addition, consumers are deciding that in order to feel better in a gloomy economy - it’s better to spend on experiences rather than things.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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