TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Friday, May 10.
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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.
There was an air of cautiousness on the trading floor but the Dow still managed to extend its bull run into an eighth day. Blue chips ended the session with a fractional gain, the Nasdaq with a fractional loss, and the S&P 500 was little changed.
A reading on the mood of the consumer set the cautious tone. Consumer sentiment unexpectedly dropped to a six-month low, fueling fears the Federal Reserve may be waiting too long before cutting interest rates. Next week will be busy with inflation and retail sales on the docket. Big box retailers such as Walmart, Target, Home Depot, and Lowe’s are all set to report.
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In other news, viral TikToks on how to steal a car are causing big headaches for Hyundai and Kia owners. Six of the top ten most-stolen cars of 2023 belonged to those two automakers.
According to the National Insurance Crime Bureau, the Hyundai Elantra was stolen more than 48,000 times last year. The Hyundai Sonata was a not-too-distant second with roughly 43,000 thefts, followed by the Kia Optima, which was stolen more than 30,000 times. Those numbers are based on actual thefts reported to the police.
Carjackers learned how to exploit security flaws through videos posted on social media. Both car makers share manufacturing on some older models that lack the enhanced security of chip-embedded key fobs.
Earlier this year, Hyundai and Kia reached a $200 million settlement, agreeing to pay for stolen vehicles and anti-theft upgrades for up to 9 million auto owners.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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