TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, December 1.
Related: The Cybertruck impact on Tesla could be as massive as this iconic American muscle car
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
It is the first trading day of December, and stocks are coming off a record November, which saw all three major averages end out the month higher, snapping a three-month losing streak. Hopes that the Federal Reserve could be done raising rates or soon cut rates drove optimism in November.
Today, investors will be awaiting comments from Fed Chair Jerome Powell as he takes the stage at Spelman College. The next Fed decision is scheduled for December 13th.
Turning to other news - the wait is finally over, Tesla fans. The company officially handed keys to its first Cybertruck customers. However, if you were planning to buy one of the futuristic-looking vehicles, it’s going to cost more than you thought.
In 2019, Tesla CEO Elon Musk originally said the base model for the Cybertruck would cost around $40,000. But the price tag now stands at about $61,000 - and that, according to Tesla’s website, is if you’re willing to wait until 2025. Want one in 2024? That will run you close to $80,000.
Tesla also announced it would sell two higher-end versions of the truck, with the top-of-the-line model, dubbed the Cyberbeast, starting at about $100,000.
At the event, Musk touted the Cybertruck’s 11,000-pound towing capacity and its ability to go from 0 to 60 miles per hour in 2.6 seconds. Tesla says it hopes to produce 250,000 Cybertrucks a year, but Musk acknowledged that likely wouldn’t happen until 2025.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
