SCOTUS agrees to hear TikTok arguments

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and TikTok is headed to the Supreme Court.

Transcript

00:00I'm Conway Gittins reporting from New York's, one more time, I'm Conway Gittins reporting

00:05from New York City.

00:06Here's what we're watching on the street today.

00:08The Federal Reserve lowered its key interest rates by a quarter of a percentage point.

00:13The target range now sits at four and a quarter percent to four and a half percent.

00:17The Fed's projection on how many rate cuts could be coming in 2025 dropped from four

00:23to two.

00:25That spooked Wall Street, prompting the first 10-day slide in the Dow since 1974 amid a

00:33big broad market selloff.

00:35Investors will next look at quarterly results from FedEx and Nike due on Thursday.

00:41Turning to other business headlines, TikTok is going all the way to the U.S. Supreme Court

00:46in an attempt to stop a forced sale or a U.S. ban.

00:50The justices have agreed to hear arguments on behalf of ByteDance, the Chinese parent

00:55of the popular social media app and its estimated 170 million American users.

01:01The Supreme Court will begin hearing oral arguments on Jan. 10.

01:04However, it did not grant TikTok's request for an injunction blocking the law from taking

01:10effect on Jan. 19.

01:13The law forces ByteDance to sell TikTok's U.S. operations to a U.S. stakeholder by the

01:18deadline or app stores will stop making the app available.

01:23TikTok claims that its First Amendment free speech rights are being violated.

01:27A federal appeals court, however, already ruled against TikTok, saying Congress is within

01:32its rights to limit and quote, "...adversaries' ability to gather data on people in the United

01:37States."

01:38Donald Trump originally called for the TikTok ban but has since changed his tune on the

01:43belief the app helped him win re-election.

01:47That'll do it for your daily briefing from New York City.

01:49I'm Conway Gittins with The Street.

01:53Thanks for watching.