• 5 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why GM won’t hit its EV goals.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Blue chips were the bell of the ball after better-than-expected earnings from the financial sector boosted sentiment.
00:10Even UnitedHealthcare managed to rally even though sales came in below forecast.
00:15Investors were also upbeat after June retail sales surprisingly came in flat.
00:20Investors are betting with greater than 90% certainty an interest rate cut is coming in September.
00:27Markets now look ahead to Wednesday's summary of economic conditions from the Fed and
00:31financial updates from United Airlines and Johnson & Johnson.
00:35In other news, General Motors is joining the list of high-profile companies to recently scale back clean energy expectations.
00:42The automaker says it's very unlikely
00:45it will be able to reach its goal of having the ability to produce 1 million all-electric vehicles by the end of 2025.
00:53Google recently announced that it won't meet long-term zero emission targets.
00:57GM CEO Mary Barra told CNBC quote,
01:01We won't get to a million just because the market is not developing, but it will get there.
01:06Automakers are being forced to rethink EV production plans with demand not as robust as projected years ago.
01:13EV sales are still climbing but remain a fraction of total auto sales. As a result,
01:18GM has scrapped most of its EV targets and production plans.
01:22Investors are eager to hear more about GM's EV strategy when quarterly results are released July 23rd.
01:29That'll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens with The Street.

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