A TikTok ban may be closer than you think

TheStreet’s Caroline Woods brings you the biggest news of the day, including what investors are why a TikTok ban may be closer than anticipated.

Transcript

00:00 I'm Caroline Woods reporting from the New York Stock Exchange.

00:03 Here's what we're watching on the street today.

00:06 Stocks are off to a rough start Friday as tensions in the Middle East continue to escalate.

00:11 Oil prices rose 3 percent early Friday morning, with crude prices surpassing $90 a barrel.

00:17 The S&P 500 is heading for its worst week in almost six months after five straight losing

00:22 sessions on Wall Street.

00:24 This comes after renewed fears that interest rates could stay higher for longer.

00:29 In other news, a TikTok ban may be closer than we thought.

00:32 The Senate has yet to approve a House bill banning the platform.

00:36 However, House Republicans have now tied the bill to a foreign aid package intended to

00:41 help Israel and Ukraine with the hopes of forcing the Senate's hand.

00:45 In March, the House of Representatives approved a bill called the Protecting Americans from

00:50 Foreign Adversary Controlled Applications Act that would force TikTok's owner, Chinese

00:55 tech giant ByteDance, to either sell the popular social media platform or have it banned in

01:00 the United States.

01:01 At the time, TikTok released a statement saying, quote, "We are hopeful that the Senate will

01:06 consider the facts, listen to their constituents, and realize the impact on the economy, 7 million

01:11 small businesses, and the 170 million Americans who use our service."

01:17 Lawmakers remain concerned over TikTok's potential national security threat because of its ties

01:22 to the Chinese Communist Party.

01:24 President Joe Biden, who himself has a TikTok account, has said he would sign the bill if

01:29 it passed in the Senate.

01:31 That'll do it for your daily briefing from the New York Stock Exchange.

01:34 I'm Caroline Woods with The Street.

01:36 Thanks for watching.

01:37 And I'll see you next time.

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