People are learning how to steal cars on TikTok

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Kia and Hyundai owners are at increased risk of having their cars stolen.

Transcript

00:00I'm Conway Gaines reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04There was an air of cautiousness on the trading floor,

00:08but the Dow still managed to extend its bull

00:10run into an eighth day.

00:12Blue chips ended the session with a fractional gain,

00:15the NASDAQ with a fractional loss,

00:17and the S&P 500 was little changed.

00:19A reading on the mood of the consumer

00:21set the cautious tone.

00:23Consumer sentiment unexpectedly dropped to a six-month low.

00:27Fueling fears the Federal Reserve

00:29may be waiting too long before cutting interest rates.

00:33Next week will be busy with inflation and retail sales

00:36on the docket.

00:37Big box retailers such as Walmart, Target, Home Depot,

00:40and Lowe's are all set to report.

00:43In other news, viral TikToks on how to steal a car

00:45are causing big headaches for Hyundai and Kia owners.

00:49Six of the top 10 most stolen cars of 2023

00:52belong to those two automakers.

00:55According to the National Insurance Crime Bureau,

00:57the Hyundai Elantra was stolen more than 48,000 times

01:01last year.

01:02The Hyundai Sonata was a not-too-distant second

01:05with roughly 43,000 thefts,

01:07followed by the Kia Optima,

01:09which was stolen more than 30,000 times.

01:12Those numbers are based on actual thefts

01:14reported to the police.

01:15Carjackers learned how to exploit security flaws

01:19through videos posted on social media.

01:21Both car makers share manufacturing on some older models

01:24that lack the enhanced security of chip-embedded key fobs.

01:29Earlier this year,

01:29Hyundai and Kia reached a $200 million settlement,

01:34agreeing to pay for stolen vehicles and anti-theft upgrades

01:38for up to 9 million auto owners.

01:40That'll do it for your daily briefing

01:42from the New York Stock Exchange.

01:43I'm Conway Gittens with The Street.

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