TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how BYD bested Tesla for the first time.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching
00:03on the street today. Twelve thousand. That's how many U.S. jobs were created in the month
00:09of October. Economists quickly point out that this number is skewed given the impact of
00:14two hurricanes and the Boeing strike. A more accurate read on the labor market is the unemployment
00:20rate, which held steady at 4.1 percent. And there's good news for workers. Average paychecks
00:26were 4 percent bigger than a year ago. In corporate news, the competition is heating
00:32up between Elon Musk's Tesla and China's BYD. With third-quarter results in for both companies,
00:39BYD has edged out Tesla when it comes to the top EV seller in dollar terms. BYD raked in
00:45$28.24 billion in third-quarter sales, while Tesla brought in $25.2 billion. When it comes
00:53to sheer volume, Tesla is still the world's No. 1. BYD benefited from Beijing's trade-in
00:59incentives, which helped push quarterly sales 24 percent higher. BYD is so prolific that
01:05one in every three EVs or plug-ins sold in China is one of theirs. Tesla, by the way,
01:11is also eligible for Chinese government incentives aimed at persuading drivers to switch over
01:16to newer, greener models. China is the world's largest EV market, followed by Europe with
01:21the United States coming in third. With only a few more weeks left in 2024, Tesla and BYD
01:27are now running neck-and-neck to see who claims the title as the world's top EV seller of
01:32the year. That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway
01:37Gittins with The Street.