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Conway Gittens: This is Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
It was a shaky end to a shaky week, as corporate earnings came fast and furious and some investors locked in positions ahead of the November election. Consumer confidence hit a six-month high in October. Buyers say they feel they have more purchasing power after a drop in interest rates.
Looking ahead to next week: Wall Street will take a deep dive into the labor market and the Federal Reserve's preferred inflation gauge. Meanwhile, 5 of the so-called Magnificent 7 will report quarterly results: Alphabet, amazon, Apple, Meta and Microsoft.
Related: How much was spent during amazon Prime Day 2024?
In other news: amazon Prime is offering a new discount to its members: cheaper gas. Prime members can save about $70 a year by discounting 10 cents per gallon each time they fill up. The benefit, however, is limited to participating BP, Amoco and AM/PM stations. It also requires an extra step: Prime members must sign up for BP's loyalty app: Earnify.
amazon Prime has a litany of perks ranging from free delivery to discounts on merchandise, media content, and even NFL football on Thursday nights. By adding gasoline, you're following the lead of traditional retailers. Walmart, Sam's Club and Costco offer gas discounts for members.
For amazon, the added benefit comes as it tries to build a moat around Prime as other retailers test the subscription model. amazon remains secretive about the number of Prime members, but an estimate earlier this year by Consumer Intelligence Research Partners put the number in the 180 million ballpark in the United States alone.
Prime membership costs $139 a year compared to Costco's $65 annual fee, Walmart+'s $98, and Target Circle 360's $99.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
Watch ICYMI this week:
- Top Economist Reveals Solution to Housing Affordability Crisis
- Stellantis continues cost reduction measures
- These are the commodities you should invest in right now
- Expert Retirement Advice for Recent College Graduates
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