The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why some smart cars may be banned in the U.S.

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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.
00:04The Dow and the S&P 500 inched up to fresh new record highs on Monday.
00:10Investors were comforted by speeches from several members of the Federal Reserve who
00:14backed the half-percentage point rate cut and favored more easing down the road.
00:19On Tuesday, Wall Street will get quarterly numbers from KB Home, monthly consumer confidence
00:24figures and the latest home price data from S&P CaseShiller.
00:29According to other headlines, the Biden administration is taking aim at smart cars embedded with
00:34Chinese or Russian technology.
00:37The Commerce Department says the ban is necessary due to safety concerns.
00:42The proposal rolled out Monday would forbid connected cars with Chinese or Russian software
00:46and hardware from being on U.S. roads.
00:49The technology used to connect vehicles to the internet for functions like self-driving
00:54would be totally prohibited from even being used for test driving.
00:58The ban could also extend to auto tech made in other countries deemed hostile to the U.S.
01:03The software ban is to go into effect in 2027, while the hardware ban is set to go into effect
01:09for the 2029 model year.
01:11Commerce Secretary Gina Raimondo said, quote, when foreign adversaries build software to
01:16make a vehicle that means it can be used for surveillance, can be remotely controlled,
01:21which threatens the privacy and safety of Americans on the road.
01:25In an extreme situation, a foreign adversary could shut down or take control of all their
01:30vehicles operating in the United States, all at the same time, causing crashes, blocking roads.
01:37While there aren't many Chinese or Russian auto imports into the U.S., the Commerce Department
01:42says it's getting ahead of an industry where supply chains are globally interwoven.
01:48That'll do it for your daily briefing from the New York Stock Exchange.
01:51I'm Conway Gittins with The Street.
01:55Thanks for watching.
01:56See you next time.

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