Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
There were minor moves for the stock market Tuesday as economic data and corporate results gave investors much to chew on. Existing home sales tumbled for the fourth straight month in June to their lowest of the year. The median sales price ballooned to a record high of $426,900.
Meanwhile, Spotify beat forecasts with record quarterly profits. A surge in new paying subscribers and cost-cuts by way of layoffs helped boost the bottom line. Ford, Chipotle, and IBM will continue the earnings parade on Wednesday.
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In other news: Humanoid robots will be joining the Tesla workforce in 2025, according to Elon Musk. Posting on X, he wrote,”Tesla will have genuinely useful humanoid robots in low production for Tesla internal use next year and, hopefully, high production for other companies in 2026.” Musk’s recent timeline is about a year later than earlier indicated.
The humanoid robot called Optimus is expected to help in production by taking on difficult chores and stepping in to reduce labor shortages. According to its official social media account on X, the robot will be “capable of performing tasks that are unsafe, repetitive, or boring.“
Musk is eager to merge the manufacturing success of Tesla with his artificial intelligence
start-up xAI, with both on display in Optimus. The initial price tag is going to be less than $20,000, according to Musk.
But, he’s not the only one working on a life-like robot. Honda and Boston Dynamics are working on humanoid robots of their own.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I”m Conway Gittens with TheStreet.
Related: Tesla earnings on deck with margins, robotaxi unveiling in focus
