TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Tesla will begin using robots in 2025.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04There were minor moves for the stock market Tuesday as economic data and corporate results gave investors much to chew on.
00:11Existing home sales tumbled for the fourth straight month in June to their lowest of the year. The median sales price ballooned to a record
00:18high of $426,900.
00:21Meanwhile, Spotify beat forecasts with record quarterly profits, a surge in new paying
00:27subscribers and cost cuts by way of layoffs helped boost the bottom line.
00:31Ford, Chipotle and IBM will continue the earnings parade on Wednesday.
00:36In other news, humanoid robots will be joining the Tesla workforce in 2025, according to Elon Musk.
00:43Posting on X, he wrote, quote, Tesla will have genuinely useful humanoid robots in low production for Tesla internal use next year and
00:52hopefully high production for other companies in
00:552026. Musk's recent timeline is about a year later than earlier indicated.
01:00The humanoid robot called Optimus is expected to help in production by taking on difficult chores and stepping in to reduce labor shortages.
01:09According to its official social media account on X, the robot will be, quote, capable of performing tasks that are unsafe,
01:16repetitive or boring.
01:18Musk is eager to merge the manufacturing success of Tesla with his artificial intelligence startup XAI
01:25with both on display in Optimus. The initial price tag is going to be less than $20,000 per robot, according to Musk.
01:32But he's not the only one working on a lifelike robot. Honda and Boston Dynamics are working on humanoid robots of their own.
01:41That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.
01:48You