TheStreet's Conway Gittens brings the latest business headlines from the New York Stock Exchange as markets close for trading on Thursday, June 6.
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Full video transcript below:
I'm Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
Sometimes the market needs to take a break. That's what happened a day after both the Nasdaq and S&P 500 climbed to new heights. Nvidia, the poster boy of the recent bull run, also took a breather as it competes with Apple for the world's second most valuable company.
The focus is on Friday's important jobs report. Analysts expect the U.S. economy to add 185,000 new jobs in May, an increase from the previous month. The unemployment rate is expected to remain stable at 3.9 percent. This jobs report sets the stage for the Federal Reserve's two-day policy meeting, which will conclude on June 12.
In other business headlines: Hertz is launching Teslas into the used vehicle market. The car rental agency made a big mistake by ordering too many electric cars and is now rushing to get rid of 30,000 electric vehicles. Tesla represents about a third of Hertz's entire global electric vehicle fleet.
Since January, Hertz has been aggressively selling Teslas at the national average price of about $25,000, according to CNBC. In a regulatory filing earlier this year, Hertz said that “collision and damage-related expenses, primarily associated with electric vehicles, remained high.” In the first quarter, Hertz took a $195 million writedown for the depreciation of its EVS.
Hertz's change of attitude toward Tesla and electric vehicles in general comes amid a drop in demand for these energy-friendly models. The price of a used electric vehicle fell nearly 32 percent in March compared to a year ago, according to iseecars, led by a 29 percent drop for a used Tesla. Compare that to a smaller 3.6 percent drop for the average used car over the same period.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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