TheStreet’s J.D. Durkin brings youth biggest news of the day including how the market fared and why Americans are buying more electric vehicles than ever.
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00:00 I'm J.D. Durkin reporting from the New York Stock Exchange.
00:03 Stocks were in the red to close out the day's session.
00:05 The Dow Jones Industrial Average closed down 69 points.
00:08 The tech-heavy NASDAQ closed down 0.5%, while the S&P 500 closed 0.3% lower.
00:15 This all comes as investors continue to react to recent data that showed continued signs
00:19 of slowing in the U.S. labor market.
00:22 This coupled with low job openings is giving investors at least a bit of hope that the
00:27 Fed could cut interest rates in the near future.
00:29 Wall Street is waiting on two more key employment reports, jobless claims on Thursday, as well
00:35 as the November jobs report set for Friday morning.
00:38 Meanwhile, Wall Street is also paying close attention to oil.
00:41 Oil prices are falling below $70 a barrel, marking the lowest level we've seen since
00:46 January.
00:48 In other news, Americans are buying more electric vehicles than ever.
00:51 According to a new report from Bloomberg New Energy Finance, more than one million EVs
00:56 were purchased in the United States in 2023.
01:00 A big reason for the bump in sales is the sheer volume of electric vehicles now on the
01:04 market.
01:05 There are currently 95 EV models available in the U.S., a 40% increase from 2022.
01:11 Another reason for the increase is the Inflation Reduction Act, which provides customers with
01:16 tax credits for EV purchases.
01:19 Electric vehicles accounted for about 8% of all new vehicle sales in the United States.
01:24 However, while sales are on the rise, it's still far lower than in China, where EVs accounted
01:29 for 19% of all vehicle sales.
01:33 That'll do it for your daily briefing.
01:34 From the floor of the New York Stock Exchange, I'm JD Durkin with The Street.
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