New Amazon Prime benefit will let you save at the pump

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Amazon unveils a new Prime membership benefit.

Transcript

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

00:04It was a wobbly end to a wobbly week as corporate earnings came in fast and furious

00:10and some investors set positions ahead of November elections.

00:13Consumer sentiment hit a six-month high in October.

00:16Shoppers say they feel they have more spending power after a drop in interest rates.

00:20Looking ahead to next week, Wall Street will get a deep dive on the labor market

00:24and the Fed's preferred inflation gauge.

00:26Meanwhile, Five, the so-called Magnificent Seven, will report quarterly results.

00:31Alphabet, Amazon, Apple, Meta and Microsoft.

00:36In other news, Amazon Prime is offering up a new discount to members.

00:40Cheaper gas. Prime members can save around $70 a year

00:44by knocking off 10 cents a gallon every time they fill up.

00:48The perk, however, is limited to participating BP, Amoco and AMPM stations.

00:54It also requires one extra step. Prime members have to sign up for BP's loyalty app, Earnify.

01:00Amazon Prime has a litany of perks, ranging from free delivery to product discounts

01:05to media content and even Thursday night NFL football.

01:09By adding gasoline, it is taking a page from traditional retailers.

01:13Walmart, Sam's Club and Costco offer membership gas discounts.

01:18For Amazon, the additional benefit comes as it tries to build a moat around Prime

01:23as other retailers try out the subscription model.

01:26Amazon is secretive with Prime's membership numbers,

01:29but an estimate by Consumer Intelligence Research Partners

01:32puts the U.S. number at around 189 million as of the end of the third quarter.

01:38Prime membership costs $139 a year compared to Costco's $65 annual fee,

01:44$98 for Walmart Plus and $99 for Target Circle 360.

01:50That'll do it for your daily briefing from the New York Stock Exchange.

01:53I'm Conway Gittens with the Street.

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