The Street’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday, May 6.
Wall Street built on momentum - on Monday - following the stock market’s first back-to-back weekly gain since March. Investors are hoping a cool-down in hiring could prompt the Federal Reserve to cut interest rates as early as September. The Dow rallied for a fourth straight session. Meanwhile, the S&P 500 gained one percent and the Nasdaq was also up one percent.
Investors are gearing up for earnings out of Walt Disney on Tuesday. Of key interest for Wall Street: 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 says it has received a warning from the SEC of an enforcement action, known on Wall Street as a “Wells Notice.” The focus of the notice: crypto tokens traded on Robinhood.