TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Tesla is being investigated for fraud.
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00:00 I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on
00:03 the street today. Wednesday was another mixed day on Wall Street. The Dow was up six days in a row
00:08 in the longest winning streak of the year, but the S&P 500 was down fractionally, as was the Nasdaq.
00:15 Investors are contending with a mixed bag of earnings, as well as speeches from Federal
00:19 Reserve officials which suggest policy makers are in no rush to lower interest rates. Corporate
00:25 results are keeping investors busy. Up next on the earnings calendar for Thursday, Warner
00:30 Brothers Discovery, Krispy Kreme and Yelp. Turning now to one of the biggest stories of the day,
00:37 Tesla is the subject of an investigation by the U.S. Justice Department and the Securities and
00:43 Exchange Commission. Authorities are looking into whether Tesla engaged in securities or wire fraud
00:49 when describing the functions of its autopilot system, according to a Reuters report. While
00:54 Tesla has said autopilot will help with braking, lane switching and steering, it has warned the
01:00 technology should not be considered as fully autonomous. But authorities are looking into
01:06 statements made by Tesla and CEO Elon Musk that might have led investors and customers to believe
01:13 cars using autopilot are fully self-driving. Wire fraud is committed when a person or entity
01:20 deceives customers in interstate communications. Securities fraud involves the act of misleading
01:26 investors. Tesla is also under scrutiny from the National Highway Traffic Safety Administration.
01:32 The agency is digging into Tesla's safety record after numerous crashes, including some fatal,
01:37 where autopilot was in use. That'll do it for your daily briefing from the New York Stock Exchange.
01:43 I'm Conway Gittins with The Street.
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