TheStreet’s Remy Blaire brings you the biggest news of the day, including what investors are watching and why Apple is pulling the plug on its electric vehicle project.
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00:00 I'm Remy Blair reporting from the New York Stock Exchange.
00:03 Here's what we're watching on the street today.
00:05 Stocks are coming off a mixed session as investors continue to digest the latest batch of quarterly
00:10 results.
00:11 So far, over 80 percent of companies in the S&P 500 have released earnings, with 75 percent
00:17 beating Wall Street expectations.
00:20 Investors are looking ahead to the PCE report, which is the Fed's preferred gauge on inflation
00:25 out Thursday, and several Fed speakers on Friday.
00:28 Investors will be monitoring for clues into the Fed's next move on interest rates.
00:33 Meanwhile, Apple is pulling the plug on its electric car venture.
00:37 According to several media reports citing internal sources, the tech giant has decided
00:42 to cancel its most ambitious project, known internally as Project Titan, after 10 years
00:48 of development.
00:49 While Apple never confirmed it was making a car, it's estimated that the project cost
00:54 the company billions of dollars, with over 2,000 employees assigned.
00:59 Those employees will reportedly be moved to Apple's AI division.
01:04 Analysts expected the vehicle to be priced at around $100,000 and saw it as a rival to
01:10 Tesla's higher-end cars.
01:12 This news comes as electric vehicle sales continue to slump, with several major automakers
01:17 across the globe pulling back on investments, slashing production forecasts and cutting
01:22 prices.
01:23 That'll do it for your daily breathing.
01:25 From the New York Stock Exchange, I'm Remy Blair with The Street.
01:28 Thanks for watching.
01:29 Be safe out there.
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