Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The Federal Reserve lowered its key interest rates by a quarter of a percentage point. The target range now sits at 4.25 percent to 4.5 percent. The Fed’s projection on how many rate cuts could be coming in 2025 dropped from four to two. That spooked Wall Street- prompting the first 10-day slide in the Dow since 1974, amid a broad market sell-off.
Investors will next look at quarterly results from FedEX and Nike due on Thursday.
Related: TikTok to close Canadian offices over ‘security risks’
Turning to other business headlines, TikTok is going all the way to the U.S. Supreme Court in an attempt to stop a forced sale or a U.S. ban. The Justices have agreed to hear arguments on behalf of ByteDance, the Chinese parent of the popular social media app, and its estimated 170 million American users.
The Supreme Court will begin hearing oral arguments on January 10th. However, it did not grant TikTok’s request for an injunction blocking the law from taking effect on January 19th.
The law forces ByteDance to sell TikTok’s U.S. operations to a U.S. stakeholder by the deadline or app stores will stop making the app available.
TikTok claims that its First Amendment free speech rights are being violated. A federal appeals court, however, already ruled against TikTok, saying Congress is within its rights to limit an “adversary’s ability to gather data on people in the United States.”
Donald Trump originally called for the TikTok ban but has since changed his tune on the belief the app helped him win re-election.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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