TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, January 4th.
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.
Stocks are coming off another losing session with all three major averages closing out Wednesday in the red. This comes as investors pull back on concerns that they were too optimistic in 2023.
Investors are reacting to weekly jobless claims – 202,000 Americans filed for unemployment last week, showing continued strength in the labor market.
Wall Street is looking ahead to the all-important December jobs report out Friday which will give investors a better idea of the health of the U.S. economy.
In other news, Ford has issued another recall. The company is recalling more than 100,000 F-150 trucks due to the vehicles potentially rolling away while in park, without the parking brake on. The problem involves the truck’s rear axle hub - which, if damaged, could result in the F-150 rolling away. The recall comes just months after the National Highway Traffic Safety Administration began investigating Ford’s quality control practices.
NHTSA data shows that Ford was responsible for 57 recalls in 2023, affecting more than 6 million vehicles. Ford accounted for 16 percent of all recalls issued last year, an improvement on its 68 recalls in 2022, affecting 8.7 million vehicles.
But this is not just a Ford problem. The top 12 carmakers in the United States issued a total of 353 recalls in 2023, affecting about 25 million vehicles.
Chrysler came in behind Ford, accounting for 13 percent of all recalls in 2023, totaling almost 3 million cars. And Honda, despite only being responsible for 5 percent, recalled 6.3 million vehicles last year.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
