Conway Gittens brings the latest business headlines from the New York Stock Exchange as markets open for trading on Thursday, May 2.
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Full video transcript below:
CONWAY GITTENS: This is Conway Gittens reporting from the New York Stock Exchange – here's what we're seeing on TheStreet today.
Investors continue to react to the Federal Reserve's decision to keep interest rates stable. Wall Street is feeling optimistic after Fed Chair Powell ruled out an interest rate hike in 2024 as the central bank's next move. Markets are now pricing in a 40 percent chance of a rate cut in September.
Attention now turns to the labor market ahead of the April employment report due out on Friday. Analysts expect another month of strong job growth.
In other news: Many Americans can now legally bet on football and basketball games, and will now be able to bet on arcade games.
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Dave & Buster's announced a partnership with gaming technology company Lucra allowing loyal members to place bets against each other. Bets would likely range between $5 and $10 and would be placed through the D&B app. Bets can be placed on games such as Skee-ball or Hot Shots Basketball.
According to the American Gaming Association, American gamblers wagered nearly $120 billion on sports bets in 2023. But there's also the social betting sector, which raked in $6 billion alone.
Regarding Dave & Buster's commitment to gaming, here's what a company official had to say: “This new partnership provides our loyal members with unparalleled real-time gaming experiences and reinforces our commitment to continue elevating the experience of our clients through innovative and avant-garde solutions. cutting-edge technology.”
Dave & Buster's was founded in 1982 and now has 222 locations in North America. Its restaurants and entertainment centers attract 30 million unique visitors annually and it has 5 million loyalty rewards members. Shares of D&B, which also runs Main Event Entertainment, are up 50% in the past 12 months.
That will be enough for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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