Amazon’s 2024 Prime Day sets U.S. online sales record

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and another record-setting Prime Day.

Transcript

00:00I'm Conway Higgins reporting from the New York Stock Exchange. Here's what we're watching on the street today.

00:04Second quarter earning season continues with only a few negative surprises so far.

00:09Domino's Pizza, however, tanked on Thursday after one measure of restaurant sales came in lighter than expected.

00:15The CEO of the pizza chain said consumers are still struggling to cope with higher food costs.

00:21Investors will next delve into American Express for clues on higher income and corporate spending. Those numbers come out Friday.

00:29Turning to other corporate headlines, the early read on Amazon Prime Day is rolling in and the numbers are impressive.

00:36Online spending over the two-day sale-a-thon jumped 11% compared to last year according to Adobe Analytics.

00:43In dollar terms, that works out to $14.2 billion in sales, which topped last year's record and

00:50exceeded Amazon's own forecast.

00:53Amazon did not detail its exact contribution to the sales bump,

00:57but did characterize Prime Day as, quote,

01:00record-breaking.

01:01Numerator, an online shopping tracking company, did provide some interesting color of the 35,000 households it tracks.

01:08Average spending at Amazon was 7% higher this year,

01:12rising to just under 58 bucks from around 54.

01:15But its data show there were fewer multiple visits per household and

01:19big-ticket items did not sell as well as in the past.

01:22It turns out the best sellers this year were everyday items like clothes and footwear, which suggests

01:28consumers are still spending carefully.

01:32Amazon is expected to give more detail when quarterly results are released in early August.

01:37And that'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.