TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Thursday, May 30.
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Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a losing session on Wall Street with the Dow dropping over 300 points as interest rate fears dampen investor optimism.
Investors are reacting to weekly jobless claims – 219,000 Americans filed for unemployment benefits last week, above Wall Street estimates and a slight rise from the previous week.
Meanwhile, investors are looking ahead to the PCE report on Friday, which is the Fed’s preferred gauge on inflation.
In other news - The National Highway Traffic Safety Administration has issued a recall for nearly 84,000 Nissan vehicles. Owners of a 2002-2006 Nissan Sentra, the 2002-2004 Nissan Pathfinder, and the 2002-2003 Infiniti QX4 should all stop driving them immediately, according to the agency. The recall is over Takata airbags that were never fixed.
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Takata is responsible for the largest-ever safety recall in the auto industry, with more than 100 million air bag inflators having to be fixed since 2014. Over 30 deaths and more than 400 injuries worldwide have been linked to these faulty airbags. 27 of those deaths occurred in the U.S., where 7 million Takata airbags have been recalled.
The NHTSA says “If you have one of these vehicles, do not drive it until the repair is completed and the defective airbag is replaced.” It added that even minor crashes could result in the airbag deploying, which could lead to life-altering injuries or death.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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