TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Tesla sales keep falling despite its price cuts.
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00:00I'm Conway Giddens reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. Wall Street quietly added to gains in pre-holiday volumes, just enough for
00:09the tech-heavy Nasdaq and the S&P 500 to close at fresh record highs. Investors had to weigh
00:15comments from Fed Chair Jerome Powell. He said inflation is now coming down to his liking,
00:20but warned there are risks to cutting interest rates too early or too late. In other news,
00:26Tesla continues to feel the heat from growing competition and an overall malaise in the EV
00:32market. Deliveries fell for a second straight quarter, noteworthy because this is the first
00:38time in Tesla's 21-year history that it's seen back-to-back delivery drops from the prior year.
00:44Tesla's sales growth is slowing, with Elon Musk and his company no longer the only EV game in
00:49town. In addition, high repair and maintenance costs, as well as worries about the ability
00:54to recharge batteries quickly and conveniently, have led many Americans to rethink their EV
01:00transition. Musk has responded by offering near-zero percent financing and price cuts on
01:06some models in order to spur sales. Nevertheless, quarterly deliveries were still down 4.8 percent
01:11from a year ago. That, however, was not as bad as feared. As a result, sales of Tesla jumped
01:17roughly 9 percent to a six-month high. That'll do it for your daily briefing from the New York
01:22Stock Exchange. I'm Conway Gittins with the Street.