Transcription:
Conway Gittens: This is Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
The tech-heavy Nasdaq closed the week at a record high. Consumer confidence jumped to its highest level since April. While there is optimism about what could happen during a Trump administration, there is also greater concern about a resurgence in inflation.
Speaking of inflation, next week we will have both the Consumer Price Index and the Producer Price Index.
Related: TikTok to close Canadian offices over 'security risks'
In other news, the clock is ticking on the future of TikTok in the United States. A federal appeals court upheld a ruling that could prevent TikTok from operating here unless ownership passes from Chinese to American hands.
The court rejected a claim by TikTok made in the appeal that the forced sale was violating its First Amendment right. In its ruling, the court said: “The First Amendment exists to protect freedom of speech in the United States. “Here the Government acted solely to protect that freedom from a foreign adversary nation and to limit that adversary’s ability to collect data on people in the United States.”
Not content with its appeal, ByteDance, TikTok's Chinese owner, vowed to take its fight all the way to the Supreme Court.
The outgoing Biden administration gave ByteDance until January 19 to find a seller or face an outright ban. And although ByteDance's problems actually began under the first Trump White House, it appears that the incoming second Trump White House has changed its tune.
Trump now sees TikTok as a contrast to Mark Zuckerberg's Meta, which he believes has become too powerful. He told his followers that he wants to save TikTok.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
Watch ICYMI this week:
- What Trump's new tariff proposal could mean for inflation
- Why have eggs become so expensive?
- Why older Americans are losing more money than ever to fraud
- HTC Vive Focus Vision review: Headphones made for more than gaming
Don't miss this amazing Cyber Week move! Get 60% off TheStreet Pro. Act now before it's gone
