Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street is licking its wounds after the worst week for the S&P 500 and the Dow since 2023 and the biggest weekly loss for the Nasdaq since 2022. Investors hope it’s not too late for the Federal Reserve to avoid an economic recession by cutting interest rates. Markets are expecting a small interest rate ease when the Fed meets in September.
In other news: Stellantis, the parent company of Chrysler, Dodge and Jeep, is dealing with a number of auto recalls. The most crucial one involves the anti-lock braking system on the Dodge Ram 1500 pickup truck. The recall, which impacts more than 1.2 million vehicles, covers models from 2019, and 2021 through 2024.
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Stellantis said it issued the recall because these “trucks may be equipped with ABS module software that could inadvertently disable the Electronic Stability Control system.” Stellantis admits the software glitch not only affects those two functions but also impacts the Adaptive Cruise Control and Forward Collision Warning systems as well.
These are not the first Ram trucks to be recalled due to this problem. In June, Stellantis issued a recall for Ram 2500 pick-up trucks due to a similar issue.
But it’s not just Ram trucks facing a quality issue. Stellantis is recalling some Jeep Gladiators from the 2020-2024 model years and Jeep Wranglers going all the way back to 2018. According to the National Highway Traffic Safety Administration, the instrument panel cluster on these vehicles are at risk of an internal short circuit and failure.
According to the NHTSA’s website, Stellantis has issued 44 official recalls so far in 2024, second only to Ford’s 48.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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