Walmart teams up with Burger King

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Walmart+ users are getting free food.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching

00:03on the street today.

00:05An orderly slowdown in the labor market is solidifying hopes for a September rate cut

00:11from the Federal Reserve.

00:12Applications for jobless benefits rose by just 4,000 for the week ended August 17th

00:17to 232,000.

00:20Anticipation is building for Friday's speech from Fed Chair Jerome Powell.

00:24Meanwhile, there's new data on the housing market.

00:27Existing home sales in July rose for the first time in five months.

00:31The median sales price was up to $442,600.

00:37Turning now to another story making headlines, Walmart is adding a new perk to its Walmart

00:43Plus subscription shopping service, burgers.

00:46More specifically, there's a 25% discount on meals at Burger King and a free signature

00:51Whopper every three months.

00:53The team-up is Walmart's latest effort to make a dent in the runaway success of Amazon

00:58Prime, which according to third-party estimates has 184 million members compared to just 29

01:04million for Walmart Plus.

01:06Throwing in a fast food bonus makes sense for Walmart as it is already the country's

01:11biggest seller of groceries.

01:13Highlighting the Burger King tie-up in a statement, Walmart said, quote, this unique benefit is

01:18designed to save members time and money.

01:21Catering to their fast-paced lifestyles with grocery shopping, meal planning and cooking

01:26may not always be feasible.

01:28The Burger King discount also adds to Walmart's cachet as the place to go when money is tight

01:34and inflation is elevated.

01:36The world's largest retailer saw a 22% surge in U.S. online sales during the second quarter,

01:41which boosted total U.S. revenue to $115 billion.

01:46For its part, Amazon has a partnership with Grubhub, allowing Prime members to place delivery

01:51orders for free.

01:53Amazon Prime, however, costs $139 a year compared to Walmart Plus, which has an annual fee of

01:59less than $100.

02:02That'll do it for your daily briefing.

02:04From the New York Stock Exchange, I'm Conway Gittins with the Street.

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