TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why leaving your job for a new one may be a bit tougher.
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00:00I'm coming against reporting from the New York Stock Exchange. Here's what we're watching on the street today
00:04The American shopper is in a buying mood and that has kept optimism alive on Wall Street
00:09Shares of Target are surging after the discount retailer posted its first quarterly rise in same-store sales since 2022
00:17Target boosted his four-year guidance as shoppers respond favorably to a fresher product mix and of course price cuts
00:25Turning to other business news a federal judge has totally blocked a Biden administration
00:30Effort to do away with corporate non-compete agreements the Federal Trade Commission put the rule into effect back in May
00:37Which would have prevented workers from being forced to sign employer contracts that stop them from taking a job with a rival or starting a competing
00:46business in her ruling the judge said the FTC rule went beyond his jurisdiction of
00:51Regulating antitrust behavior quote the Commission's lack of evidence as to why they chose to impose such sweeping
00:59prohibition instead of targeting specific harmful non-competes renders the rule arbitrary and
01:06capricious
01:08According to the FTC non-competes make it harder for workers to switch jobs within their field which in effect
01:15Hampers the potential to leverage that expertise into a higher income some 30 million people have signed non-competes
01:22according to government estimates business groups
01:25However argue the practice is necessary to keep proprietary information safe and prevent competitors from getting their hands on company secrets
01:34Typical non-competes can last anywhere from six months to two years
01:39That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with the street
01:44you