Walmart is going automated to help its grocery business

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Walmart’s new venture into automation.

Transcript

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

00:04The Nasdaq and S&P 500 again ended the trading day with record highs.

00:10As investors grow more confident, interest rates will be on the chopping block later this year.

00:15Before wrapping up two days of testimony, Federal Reserve Chairman Jerome Powell told lawmakers lower rates

00:20may be needed to protect the labor market from softening too much.

00:25The focus now turns to Thursday's release of the June Consumer Price Index,

00:29as well as quarterly scorecards from Delta and PepsiCo.

00:34Turning now to other business headlines, Walmart is going more high-tech in an attempt to boost its grocery business.

00:40The nation's largest grocer is adding roughly 5.5 million square feet to its automated distribution network

00:47in order to keep fresh produce, frozen foods and chilled items flowing to customers.

00:53Walmart says it will open five new automated distribution centers across the country,

00:57and four existing distribution centers will be expanded to make room for machines and robots.

01:03Walmart is modernizing its supply chain to, quote,

01:06enable greater speed and capacity that allows us to serve customers even more reliably.

01:13Walmart has seen a bump in sales as budget-conscious consumers look for cheaper grocery items

01:18and as home delivery and in-store pickup become more popular.

01:21Walmart's e-commerce business jumped 22 percent in the first quarter.

01:26That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.