Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The state of inflation and the labor market are top of mind this Thursday. A 0.2 percent rise in wholesale inflation for October was inline with economists forecasts. The Producer Price Index rose 2.4 percent from a year ago. Meanwhile, weekly jobless claims dropped to 220,000, easing concerns the labor market is in a rapid slowdown. Investors still think the Federal Reserve is on track to deliver a rate cut in December.
Related: Tesla Cybertruck owners sound the alarm on a frustrating issue
In other news - the Tesla (TSLA) Cybertruck has only been on the road for about a year and it's already facing recall number six. The National Highway Traffic Safety Administration posted the notice of Tesla’s voluntary recall on its website.
Tesla is urging drivers of more than 2,400 Cybertrucks to bring the vehicle in so that the drive inverter, which sends power to the wheels, can be replaced. Tesla wrote in a webpost: “If the inverter stops producing torque, the driver loses the ability to apply torque to the vehicle using the accelerator pedal resulting in a loss of propulsion, which may increase the risk of a collision.”
The Cybertruck has quickly risen in popularity for electric vehicle drivers, already becoming the third-best selling EV in the U.S. during the third quarter. But the futuristic-looking vehicle, which starts at an $80,000 selling price, has had many issues - even after its final delivery was delayed by two years. It is facing at least four safety probes by NHTSA, including a look at a so-called premium autonomous driving feature that may have trouble identifying items on the road during times of low visibility such as fog or sun glare.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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