Transcription:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching today on TheStreet.
Blue-chip stocks were the stars of the party after better-than-expected financial sector results boosted sentiment. Even UnitedHealthCare managed to rebound despite sales that fell short of forecasts. Investors were also upbeat after June retail sales were surprisingly flat. Investors are betting with more than 90 percent certainty that there will be an interest rate cut in September.
Markets now await Wednesday's summary of economic conditions from the Fed and financial updates from United Airlines and Johnson and Johnson.
In other news: General Motors joins the list of high-profile companies that have recently lowered their clean energy expectations. The automaker says it is highly unlikely to be able to meet its goal of having the capacity to produce one million all-electric vehicles by the end of 2025.
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Google recently announced that it will not meet its long-term net-zero emissions goals.
GM CEO Mary Barra told CNBC: “We won't get to a million just because the market isn't developing, but we will get there.”
Automakers are being forced to rethink their EV production plans as demand is not as robust as forecast years ago. EV sales continue to rise, but they remain a fraction of total auto sales. As a result, GM has scrapped most of its EV production goals and plans.
Investors are eager to learn more about GM's electric vehicle strategy when its quarterly results are released on July 23.
That's it for the daily roundup. From the New York Stock Exchange, I'm TheStreet's Conway Gittens.
Related: Analysts revise GM stock price targets after union deal, buyback