TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and TJX’s big expansion plans.
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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 It was another record day for the S&P 500 and Nasdaq, with both surpassing the record
00:09 highs achieved just yesterday.
00:12 Investors had to decide what mattered most, a slowdown in inflation or a slowdown in the
00:16 jobs market.
00:18 Producer prices were unchanged in May, according to the Labor Department, after a half percent
00:23 gain in April.
00:24 In separate data, new applications for jobless benefits jumped to their highest since August
00:29 2023.
00:31 Both reports further fuel the debate as to whether the Federal Reserve should already
00:35 be lowering interest rates.
00:37 The Fed has signaled that only one rate cut is likely this year.
00:42 In other news, if you like the hunt of a good deal, well, I have good news for you.
00:46 TJX, the parent company of HomeGoods, TJ Maxx and Marshalls, is planning a big expansion.
00:52 The discount retail conglomerate has plans to open 1,300 new stores, which would increase
00:57 its footprint by 25 percent.
01:00 TJX CEO Ernie Herman said in May that he was "convinced" that there was room enough to
01:05 grow in key areas "over the long term."
01:09 The retail chains?
01:10 This price is too good to be true.
01:12 Business model is working.
01:13 Sales jumped 6 percent to $12.5 billion last quarter, and earnings surged 22 percent.
01:19 There are currently 1,300 TJ Maxx locations in the U.S., 1,200 Marshalls, and 900 HomeGoods.
01:27 That will do it for your daily briefing.
01:28 From the New York Stock Exchange, I'm Conway Gittins with the Street.
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