TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, January 30.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin – reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are awaiting the start of big tech earnings season … Microsoft and Google parent Alphabet will release quarterly results after the bell Tuesday.
Separately, investors are looking ahead to the kickoff of the Federal Reserve’s two-day policy meeting. The Fed will deliver a decision on interest rates on Wednesday. Markets are pricing in a near 100% chance that the Fed will hold rates steady for the sixth straight month.
In other news – for the fourth consecutive year, Toyota has retained its crown as the world’s largest automaker in terms of sales. The Japanese carmaker announced it sold a record 11.2 million vehicles across the globe in 2023, a more than 7 percent increase from the year before.
Its previous high for sales was in 2019 when the company sold 10.7 million vehicles. Toyota’s sales in Japan shot up by about 21 percent, while its sales in the rest of the world increased by 4.1 percent. In a statement, Toyota pegged its growth to “solid demand in each region, in addition to easing semiconductor shortages.”
Meanwhile, Volkswagen once again took home the number two spot with sales of more than 9 million vehicles last year – a 12 percent jump from 2022.
However, Toyota is facing some criticism after the company announced it would suspend the shipment of several of its cars. The carmaker cited irregularities in certification tests for diesel engines as the reason for the suspension. This comes just a month after Daihatsu, a Japanese manufacturer owned by Toyota, stopped production after admitting it forged safety test results for more than 30 years.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
