TheStreet’s Conway Gittens brings you the latest business headlines from the floor. new york stock exchange As the market closes for trading on Friday, May 3rd.
Full video transcript below:
Conway Gittens: Investors are looking forward to another big return this week and a change in whether electric vehicles qualify for tax credits.I’m Conway Gittens from his TheStreet – these articles coming soon
I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re looking at on TheStreet today:
Investors are reacting positively to April’s jobs report. The U.S. economy posted its weakest job growth in six months, but investors are hoping the weaker-than-expected report means the Fed will cut interest rates sooner rather than later. The market has priced in a 50% chance that the Fed will cut interest rates by September.
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Investors are also looking forward to a busy week of results. Airbnb, Uber, Warner Brothers Discovery and several other companies are scheduled to report quarterly results next week.
See other business headlines: If you’re interested in buying an electric car – you might have some good news The US government has changed some of the rules regarding EV tax credits. As automakers have more time to comply with battery regulations, more EVs could qualify for tax credits of up to $7,500.
But there are some things to consider here. The amount of credit awarded depends on the individual’s income, where the car was assembled, and requirements related to the car’s battery configuration. Forget about full tax credits if your car contains battery minerals from countries considered hostile to the United States. That list includes China, Russia, North Korea, and Iran.
According to the Automotive Innovation Alliance, of the 114 EV models currently sold in the U.S., only 13 are eligible for the full $7,500 credit.
The change is aimed at persuading more Americans to buy electric cars. The Biden administration’s goal is for half of all new car sales to be electric vehicles by 2030. EV sales grew by 47% in the same period last year, compared to only 3.3% in the first three months of this year.
This concludes the daily briefing. From the New York Stock Exchange, I’m Conway Gittens from TheStreet.
