TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Saks Fifth Avenue is buying Neiman Marcus.
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00:00I'm Conway Giddens reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:05Investors are reacting to the June jobs report. The U.S. economy added
00:09206,000 jobs in June with the unemployment rate taking up to 4.1 percent,
00:14slightly above analysts' expectations. This is the first time the jobless rate has been over 4 percent since November 2021.
00:21This report will be crucial when the Federal Reserve holds its next policy meeting at the end of July.
00:27In other news, HBC, the parent company of Saks Fifth Avenue, announced it's buying retailer Neiman Marcus. The
00:33$2.65 billion merger prompted HBC to create a new firm dubbed Saks Global. That combined Saks,
00:40Bergdorf Goodman, and freshly acquired Neiman Marcus. But HBC isn't the only big player involved in the deal.
00:47Amazon is also investing in the merger. The internet retail giant has tried growing its physical presence in the retail industry for years.
00:55It's also tried breaking into the luxury retail market. At one point, brokering deals to start a luxury stores division.
01:01Now it will work with Saks Global to, quote,
01:04innovate on behalf of customers and brands partners following the close of the transaction.
01:10However, the deal could face scrutiny from the Federal Trade Commission.
01:13The FTC has already sued to block one mega retail merger. Coach parent Tapestry
01:19proposed an acquisition of Capri, the owner of Michael Kors.
01:22Saks Fifth Avenue has 39 stores in North America to go along with numerous Saks off Fifth Avenue locations.
01:28Neiman Marcus has 36 locations as well as two Bergdorf Goodman stores.
01:33That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with the street.