Transcription:
I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching today on TheStreet.
Wall Street is in the midst of a major sell-off, with the Nasdaq and S&P 500 down for a third straight week. The Nasdaq is down 10 percent from its all-time high, meaning it is in what Wall Street calls a market correction. Recession concerns hit investors in the gut after unemployment soared in July to 4.3 percent, near a three-year high.
amazon didn't help sentiment, especially for tech stocks. Its quarterly results renewed concerns that Big tech may be spending too much on artificial intelligence. amazon shares suffered their biggest drop in more than two years.
Next week, investors will have to digest a key services index, as well as earnings from Disney and Uber.
See more videos:
- Always giving 100% is a recipe for burnout: how to find balance
- How to save money on food purchases
- Remote jobs are harder to find, but hybrid work is here to stay
As for other headlines making the news: Net neutrality rules took another hit. This time, a U.S. appeals court temporarily blocked federal regulations that would govern access to websites and priority-paying fast lanes. The Federal Communications Commission, under President Biden, was looking to restart the regulations after they were scrapped under President Trump.
In its ruling, the court said: “The final rule involves an important issue and the commission has failed to meet the high standards for imposing such regulations.” It added: “Net neutrality is likely an important issue that requires clear congressional authorization.”
Oral arguments to decide the fate of net neutrality have been set for sometime between October and November.
The FCC chief said the court's decision “is a setback, but we will not give up the fight.”
That's it for the daily roundup. From the New York Stock Exchange, I'm TheStreet's Conway Gittens.
Related: Internet service providers introduce 'nutrition labels' for consumers
