.jpg)
text:
Conway Gittins: I’m Conway Gittins, a reporter from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street quietly added to gains in pre-holiday trading volume, just enough to send the tech-dominated Nasdaq index to a fresh record high. Investors were forced to weigh comments from Federal Reserve Chairman Jerome Powell. He said inflation is now coming down at his will, but warned there were risks in cutting interest rates too soon or too late.
In other news: Tesla continues to feel the pressure from increased competition and general malaise in the electric vehicle market.
Deliveries fell for the second straight quarter, which is notable because this is the first time in Tesla’s 21-year history that it has seen deliveries decline back-to-back from the previous year.
Watch more videos:
- New treatment for dyslexia aims to overcome biggest hurdle in cognitive healthcare
- How This YouTuber Built A Huge Audience Playing Slot Machines
- Yes, There Are Fewer Chips in the Bag: Deflationary Inflation, Explained
Tesla’s sales growth has slowed as Elon Musk and his company are no longer the only electric car company in town. In addition, high repair and maintenance costs, as well as concerns about the ability to quickly and easily recharge batteries, have led many Americans to rethink their switch to electric vehicles. Musk has responded by offering near-zero financing on some models to spur sales.
However, quarterly deliveries were still down 4.8% from a year ago. But that wasn’t as bad as expected. As a result, Tesla shares jumped about 9% to a six-month high.
That’s all for your daily briefing. From the New York Stock Exchange, I’m Conway Gittins with TheStreet.
Related: Tesla’s Q2 delivery surprise sends shares higher despite China slump
