TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Americans are holding on to their cars for longer than ever.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Investors look ahead to a holiday-shortened week,
00:07hoping for good news on the inflation front.
00:09Wall Street will gain fresh insight
00:11from personal income and spending data,
00:13which are the Federal Reserve's preferred measure of inflation,
00:16as well as the Fed's summary of economic conditions.
00:20Wall Street will also digest quarterly reports
00:22from Gap, Foot Locker, and Dollar General.
00:26In other news, drivers aren't in a rush
00:29to trade in their car keys for a newer model,
00:32according to a new study by S&P Global Mobility.
00:35The average age of a car on the road
00:37is now at a record 12.6 years.
00:41That's two months longer than in 2023.
00:44Higher loan costs and rising insurance premiums
00:47are the main reasons drivers are choosing
00:49to stick with the vehicles they have.
00:51There's also fewer new models at the dealership
00:53due to lingering yet easing supply constraints
00:56caused by the pandemic.
00:57The report predicts within the next five years,
01:01passenger vehicles that are six to 14 years or older
01:04will make up 70% of all cars, SUVs,
01:07and small trucks on the road.
01:10And if it feels like those older cars
01:12are crowding the roadway this holiday weekend,
01:14you may not be wrong.
01:15AAA expects a record 38.4 million drivers
01:19to hit the highways over this three-day weekend.
01:23And that'll do it for your daily briefing
01:24from the New York Stock Exchange.
01:25I'm Conway Gittins with The Street.