The Street
The Street
  • 3 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and President Biden’s new plan to kickstart EV production.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Wall Street is reacting to the latest inflation data.
00:07Consumer prices surprisingly dropped 0.1% in June from the previous month,
00:13which means the 12-month rate now sits at 3%, the smallest rate of inflation in a year.
00:19This report could help the case for interest rate cuts later this year
00:23as inflation moves closer to the Federal Reserve's 2% target.
00:28In other news, the Biden administration is investing $1.7 billion
00:32to help create more hybrid and electric vehicles in the U.S.
00:35The White House says the money will be given out as grants to convert closed-down
00:40or at-risk manufacturing and assembly locations to make more energy-friendly vehicles.
00:46President Biden said in a statement,
00:47quote,
00:48This investment will create thousands of good-paying union manufacturing jobs
00:53and retain even more from Lansing, Michigan, to Fort Valley, Georgia,
00:57by helping auto companies retool, reboot, and rehire in the same factories and communities.
01:03The new plan is predicted to create roughly 2,900 new jobs, as well as save 15,000 jobs
01:09that would have been eliminated had the facilities been shut down.
01:13Automakers like General Motors, Fiat Chrysler, and Harley-Davidson
01:16are slated to receive a portion of the funding, as are suppliers like American Auto Parts.
01:21The project involves 11 facilities across eight states.
01:25That'll do it for your daily briefing from the New York Stock Exchange.
01:28I'm Conway Gittens with The Street.

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