TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how a cyberattack is wreaking havoc in the auto industry.
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00:00I'm Conway Gaines reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05It was another mixed day on Wall Street
00:07as NVIDIA continues its slide, bringing the NASDAQ down
00:10with it.
00:11The AI chip giant has fallen 15% since hitting an all-time high
00:15on June 20.
00:17The Dow, however, was in an upswing
00:18ahead of what is expected to be a tame inflation
00:21report on Friday.
00:23Investors are also preparing for quarterly results
00:25from FedEx, which are released on Tuesday.
00:29In other news, a computer hack continues
00:32to cripple the nation's auto dealerships.
00:34Two national chains, AutoNation and Group One Automotive,
00:37told Reuters they are having to go old school and close deals
00:41using pen and paper.
00:42Computer systems have been down since last week.
00:45That's when hackers attacked CDK Global, a major software
00:49provider for back office operations
00:51used by more than 15,000 auto dealerships
00:54across North America.
00:55Hackers want CDK to fork over millions of dollars in ransom,
00:59according to Bloomberg News.
01:01Sales have not been impacted yet,
01:03but it is causing car sellers to work harder to seal the deal.
01:07CDK's software provides info on pricing, financing, insurance
01:10quotes, and repairs.
01:12Analysts at Citi warned there is, quote,
01:14some potential risk to late June US auto sales volume
01:18from the reported CDK dealer disruptions.
01:21Cyber security experts say auto owners,
01:23no matter how long ago they bought their vehicles,
01:26need to be diligent and monitor their credit reports
01:29in wake of this data breach.
01:31That'll do it for your daily briefing
01:33from the New York Stock Exchange.
01:34I'm Conway Gittens with The Street.