TheStreet's Conway Gittens brings you the latest business headlines from the floor of the New York Stock Exchange as it closes on Monday, May 6th.
Related: Stock market today: Stocks rise on expectations for interest rate cuts
Full video transcript below:
Conway Gittens: I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're looking at on TheStreet today:
Wall Street gained momentum on Monday after the stock market posted its first consecutive weekly gain since March. Investors are hoping that the weaker employment situation could prompt the Fed to cut interest rates as early as September. The Dow rebounded for the fourth straight session. Meanwhile, the S&P 500 rose 1% and the Nasdaq rose 1%.
Investors are bracing for earnings from Walt Disney Co. on Tuesday. Wall Street's main concern: new subscriber numbers for Disney's streaming service – Disney+. In other business headlines, Robinhood's crypto division is in trouble with the Securities and Exchange Commission.
The company said it received a warning from the SEC about the enforcement action, known on Wall Street as a “wells notice.” The focus of the notification is crypto tokens traded on Robinhood.
More videos:
The SEC has taken a hard line against cryptocurrency companies, arguing that most digital tokens should be regulated as securities and therefore subject to SEC registration rules. But the cryptocurrency industry has pushed back, accusing the SEC of being too aggressive.
Dan Gallagher, Robinhood's chief legal compliance and corporate affairs officer, said in a statement: “We strongly believe that the assets listed on our platform are not securities, and we look forward to working with the SEC to clarify how weak the case against Robinhood Crypto is.” “
Even if the SEC sends a warning to Robinhood, that doesn't automatically mean the company did anything wrong on purpose.
This concludes the daily briefing. From the New York Stock Exchange, I'm Conway Gittens from TheStreet.
Related: Veteran fund manager picks stocks to watch in 2024
