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CONWAY GITTINS: I’m Conway Gittins, a reporter from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The stock market was little changed Tuesday as economic data and corporate earnings gave investors plenty to think about. Existing home sales fell for a fourth straight month in June to their lowest level this year. The median sales price rose to a record high of $426,900.
Meanwhile, Spotify beat expectations with record quarterly earnings. A surge in new subscribers and cost-cutting through layoffs helped boost the bottom line. Ford, Chipotle and IBM will continue to report earnings on Wednesday.
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In other news: According to Elon Musk, humanoid robots will join Tesla’s workforce in 2025. He wrote on X, “Tesla will have humanoid robots that are really useful in low-production for internal Tesla use next year, and hopefully high-production for other companies in 2026.” Musk’s latest timeline is about a year later than previously indicated.
The humanoid robot, called Optimus, is expected to help production by taking on difficult tasks and stepping in to alleviate labor shortages. According to its official X social media account, the robot will be “able to perform tasks that are unsafe, repetitive, or boring.”
Musk is keen to combine Tesla’s manufacturing success with his artificial intelligence.
Startup xAI, with both on display at Optimus. The initial price is expected to be less than $20,000, according to Musk.
But he’s not the only one working on human-like robots. Honda and Boston Dynamics are also developing human-like robots.
That’s all for your daily briefing. From the New York Stock Exchange, I’m Conway Gittins on The Street.
Related: Tesla Earnings Rise Along with Margins, Focus on Robotaxi Unveiling
