TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Elon Musk suddenly has more on his plate than normal.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Wall Street begins a new week hovering near fresh record highs.
00:07Investors are not only basking in the glow of a 50 basis point rate cut by the Federal
00:11Reserve, they are also optimistic about the pace of further rate eases.
00:16In other news, the Securities and Exchange Commission is readying sanctions against Elon
00:21Musk after the billionaire owner of X failed to testify before the watchdog.
00:26Musk defied a court order for his testimony in an SEC probe looking into his $44 billion
00:32purchase of the company formerly known as Twitter.
00:35The probe involves the way Musk revealed his Twitter stock purchases and if comments he
00:40made at the time were completely truthful.
00:44Musk was supposed to testify September 10th but canceled at the last minute due to what
00:48his lawyers called urgent travel tied to the SpaceX Polaris Dawn mission.
00:52But the SEC isn't buying that.
00:55SpaceX, excuse itself, smacks up gamesmanship.
00:58SpaceX had already announced that it was targeting a Tuesday morning launch two days earlier.
01:03As the company's chief technical officer, Musk surely was already aware by then that
01:08SpaceX was targeting the morning of his SEC testimony for the launch.
01:13Musk's lawyers say he will now appear in early October.
01:17But this is not Musk's only conflict.
01:20With X shut down in Brazil by the government since August, Musk has done it about face
01:25and will now begin to comply with that country's content moderation rules.
01:30And finally, a Chechen warlord is accusing Musk of remotely shutting down his Tesla Cybertruck
01:36on the battlefield between Russia and Ukraine, which he says was gifted to him by Musk.
01:42Quote, what Elon Musk did was not nice.
01:45He gives expensive gifts from the heart and then remotely switches them off, the warlord
01:49wrote on social media.
01:51No confirmation from Musk or his team on what happened with the Cybertruck, but Musk previously
01:57denied on X that he gave such a gift.
02:00That'll do it for your daily briefing from the New York Stock Exchange.
02:03I'm Conway Gittins with the street.