• 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why1.2 million Ram trucks are being recalled.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Wall Street is licking its wounds after the worst week for the S&P 500 and the Dow since 2023
00:11and the biggest weekly loss for the Nasdaq since 2022.
00:15Investors hope it's not too late for the Federal Reserve to avoid an economic recession by cutting interest rates.
00:21Markets are expecting a small interest rate ease when the Fed meets in September.
00:27In other news, Stellantis, the parent company of Chrysler, Dodge and Jeep, is dealing with a number of auto recalls.
00:34The most crucial one involves the anti-lock braking system on the Dodge Ram 1500 pickup truck.
00:39The recall, which impacts more than 1.2 million vehicles, covers models from 2019 and 2021 through 2024.
00:48Stellantis said it issued the recall because these, quote,
00:52may be equipped with ABS module software that could inadvertently disable the electronic stability control system.
00:58Stellantis admits the software glitch not only affects these two functions,
01:02but also impacts the adaptive cruise control and forward collision warning systems as well.
01:08These are not the first Ram trucks to be recalled due to this problem.
01:12In June, Stellantis issued a recall for Ram 2500 pickup trucks due to a similar issue.
01:18But it's not just Ram trucks facing a quality issue.
01:21Stellantis is recalling some Jeep Gladiators from the 2020 to 2024 model years and Jeep Wranglers going all the way back to 2018.
01:31According to the National Highway Traffic Safety Administration,
01:34the instrument panel clusters on these vehicles are at risk of an internal short circuit and failure.
01:40According to NHTSA's website, Stellantis has issued 44 official recalls so far in 2024.
01:47Second only to Ford's, 48.
01:50That'll do it for your daily briefing from the New York Stock Exchange.
01:53I'm Conway Gittens with The Street.

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