TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why TikTok was death a huge blow in Canada.
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00:00I'm Conway Diggs reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04By a unanimous decision, the Federal Reserve
00:06cut interest rates by 25 basis points on Thursday.
00:10Policymakers said the economy is expanding, quote,
00:13at a solid pace, but did acknowledge
00:15that while unemployment is low, it has ticked up recently.
00:19Chairman Jerome Powell also described the US economic
00:21outlook as, quote, uncertain, leaving the door
00:24open for further rate cuts.
00:27On Friday, Wall Street will get the first November
00:29read on consumer sentiment and quarterly results
00:32from Sony and Paramount Global.
00:35Turning to other news, TikTok is in trouble
00:37with another country.
00:38The China-based company has been ordered
00:41to close its two offices in Canada
00:43due to what the Canadian government has described
00:45as national security concerns.
00:47In an interview on CBC, Francois-Philippe Champagne,
00:51Minister of Innovation, Science, and Industry,
00:53said, quote, I'm not at liberty to go into much detail,
00:56but I know Canadians would understand when you're
00:59saying the government of Canada is taking measures
01:01to protect national security.
01:03That's serious.
01:05Even though TikTok has to shut physical operations
01:07within the country, the app will still
01:09be available for download and use by Canadian citizens.
01:13TikTok's parent, ByteDance, is facing trouble
01:16in several countries.
01:17The biggest threat comes from the US.
01:20The outgoing Biden administration
01:22has called for a spinoff of the app from its Chinese parent
01:25or an outright ban.
01:27The US has also banned the app from being
01:29downloaded on government phones.
01:31The same practice is in effect in Canada, Belgium, the UK,
01:35and the European Union.
01:36The EU also slapped a $368 million fine on TikTok in 2023
01:42for not doing enough to protect child privacy.
01:46That'll do it for your daily briefing from the New York Stock
01:48Exchange.
01:49I'm Conway Giddens with The Street.