Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, February 28.
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Full Video Transcript Below:
REMY BLAIRE: I'm Remy Blaire, reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
Stocks are coming off a mixed session as investors continue to digest the latest batch of quarterly results. So far, over 80 percent of companies in the S&P 500 have released earnings, with 75 percent beating Wall Street expectations.
Investors are looking ahead to the P-C-E report, which is the Fed's preferred gauge on inflation out Thursday, and several Fed speakers on Friday. Traders will be monitoring for clues into the Fed's next move on interest rates.
Meanwhile, Apple is pulling the plug on its electric car venture. According to several media reports citing internal sources, the tech giant has decided to cancel its most ambitious project known internally as 'Project Titan' after ten years of development.
While Apple never confirmed it was making a car, it's estimated that the project cost the company billions of dollars, with over 2,000 employees assigned. Those employees will reportedly be moved to Apple's A-I division.
Analysts expected the vehicle to be priced at around $100,000 and saw it as a rival to Tesla's higher-end cars.
This news comes as electric vehicle sales continue to slump, with several major automakers across the globe pulling back on investments, slashing production forecasts, and cutting prices.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm Remy Blaire with TheStreet.
