CAC 40 was down 0.3% and Frankfurt’s
DAX was down 0.2%.
The former Federal Reserve Chair’s testimony, which concluded midafternoon, gave Yellen the opportunity to sell President-elect Joe Biden’s $1.9 trillion fiscal stimulus plan. Yellen emphasized the need to “defeat the pandemic” first before tackling the deficit, and bolster global confidence in the U.S. economy. She also warned that the nation faces “difficult months ahead” before it achieves widespread vaccination.
Yellen confirmed that no tax hikes or repeals of 2017’s legislation are on the table near-term, nor while the country struggles with the pandemic. Yet there was some surprise in the testimony, according to Max Gokhman, Head of Asset Allocation at Pacific Life Fund Advisors, regarding potential future changes. “Yellen said that the details of tax changes may be featured in this year’s infrastructure bill, which she is going to help draft. This could be setting up an ebullient
A Tesla Model Y at a showroom in Beijing. Wang Zhao/AFP via Getty Images
Tesla might be forced to recall 158,000 cars. That’s bad news. But just how bad is debatable.
On Wednesday, the National Highway Traffic Safety Administration, or NHTSA, sent a letter to Tesla (ticker: TSLA) requesting the electric-vehicle maker recall cars made between 2012 and 2018 for, essentially, problems with the center touch screen. It could result in the loss of the rearview camera image, to cite one example.
Tesla didn’t immediately return a request for comment about its recall plans. The NHTSA didn’t immediately return a request for comment about what drove the agency to send the letter.
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Apple has a penchant for disruption. It completely reinvented the way we think about computers, smartphones, and personal tech devices and how they all interact with one another. If the company’s past achievements are any indicator, an Apple car would momentous for the auto industry.
While an all-electric, autonomous iCar might be a long way down the road, its impact on the auto industry could be felt sooner than investors might expect. That is why J.P. Morgan has taken an in-depth look at what a smart, Apple-branded, self-driving.
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An Apple Car Could Disrupt the Auto Industry as Much as the iPhone Upended Tech. Here’s What to Know.