TikTok faces potential U.S. ban — latest news
The House passed a bill that would ban TikTok in the U.S. unless China's Bytedance divested.
TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday, March 13.
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin reporting from the New York Stock Exchange. Stocks were mixed to close out today's session. The Dow closed up 36 points, the Nasdaq closed down half a percent, and the S&P closed fractionally lower. The tech sector saw a decline today with Nvidia, Meta, and Apple falling after rallying Tuesday.
Investors are looking ahead to the release of the Producer Price Index, which measures the price wholesalers pay for goods. This report will be key when the Fed makes its next interest rate decision on March 20th.
In other news, the U.S. government took its first step to banning TikTok. In an overwhelming 352 to 65 vote, the House of Representatives approved a bill that would force TikTok’s owner, Chinese tech giant ByteDance, to either sell the popular social media platform or have it banned in the United States. The bill, called the Protecting Americans from Foreign Adversary Controlled Applications Act, will now head to the Senate. Lawmakers remain concerned over TikTok’s potential national security threat because of its ties to the Chinese Communist Party.
TikTok released a statement after the vote saying, "We are hopeful that the Senate will consider the facts, listen to their constituents, and realize the impact on the economy, 7 million small businesses, and the 170 million Americans who use our service."
President Joe Biden, who himself has a TikTok account, has said he would sign the bill if it passed in the Senate.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
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