TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Singles’ Day is taking ah it this year.
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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.
00:04The Dow, the S&P 500, and the Nasdaq closed at record highs on Monday.
00:09Bitcoin also traded in never-seen-before territory, topping $87,000.
00:15Anything related to crypto went along for the ride. A 20% jump in shares of crypto trading platform Coinbase
00:21sent that stock to its highest price ever.
00:24Coming on Tuesday, quarterly results from Home Depot, Hertz, Live Nation, and Spotify.
00:30Turning to other business headlines, retailers are always looking for a new promotion to drive sales,
00:35but a recent promotion is already running out of favor with consumers. This year,
00:4111-11, otherwise known as Singles Day, is not turning out to be the big selling day it used to be in China.
00:48Created back in 2009 by Chinese online retailing powerhouse Alibaba,
00:52shoppers this year just aren't in a shopping mood amid a lackluster Chinese economy.
00:58A sluggish real estate market and a battle against deflation have left consumers, well,
01:04deflated. Just like Black Friday in the States, Singles Day sales are now kicking off in October,
01:10stretching promotions to weeks instead of just a single day.
01:15Online sales for the period used to jump double digits, but that changed in 2023.
01:20E-commerce sales jumped just 2% to $156 billion that year, according to one estimate.
01:26Experts worry that number may be hard to hit in 2024 as retailers pull back on marketing costs. In addition,
01:35consumers are deciding that in order to feel better in a gloomy economy, it's better to spend on experiences rather than things.
01:43That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.