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Trade around the clock: SEC approves the 24X National Exchange. (00:28) It’s official: Australia passes social media ban for kids under 16. (01:08) Consumer stocks enter the limelight with Black Friday and Cyber Monday. (02:21)
This is an abridged transcript of the podcast.
The New York Stock Exchange (NYSE:ICE) and Nasdaq (NASDAQ:NDAQ) are watching closely as the SEC approved the first U.S. stock exchange that would operate during most hours of every weekday.
The 24X National Exchange is backed by hedge-fund billionaire Steve Cohen.
The newly approved exchange would operate 23 hours daily (including a break from 7 PM to 8 PM), and five full days a week (from Sunday evening to Friday evening).
The exchange intends to launch in stages, starting in the second half of 2025.
Now an update to a story we brought you last week here on Wall Street Breakfast.
Australia has passed legislation that would ban children younger than 16 from accessing platforms like TikTok (BDNCE), Facebook and Instagram (NASDAQ:META), Snapchat (NYSE:SNAP), Reddit (NYSE:RDDT) and X.
The law will make platforms responsible for not taking “reasonable steps” in preventing kids from holding social media accounts.
Any “systematic failures” can result in millions of dollars in fines and exemptions would not be granted for pre-existing accounts or cases of parental consent.
The Australian government is trialing an age verification system to determine how best to enforce the social media ban, along with a “digital duty of care” by providers. Under consideration are biometrics and government identification, as well as other technologies like age inference and estimation. Social media companies will have one year to determine how to implement the ban before facing any penalties.
Exceptions: Some areas won’t fall under the new restrictions, like online gaming platforms and standalone messaging services like WhatsApp and Messenger (META). The ban also excludes YouTube (NASDAQ:GOOG) (NASDAQ:GOOGL), which is widely used in schools and has already rolled out safeguards for children.
Black Friday is here and Cyber Monday is just a few days away, and with these highly anticipated shopping events, Wall Street is gearing up for a closer analysis of the Consumer Discretionary sector.
As a result, heading into the anticipated shopping season Seeking Alpha is spotlighting the top 10 U.S. Consumer Discretionary stocks per its quant metrics.
Top 10 U.S. Consumer Discretionary Stocks Per SA Quant Grades
No. 10: Warby Parker (WRBY), quant rating of 4.02.
No. 9: Victoria’s Secret & Co. (VSCO), quant rating of 4.15.
No. 8: DICK’S Sporting Good (DKS), quant rating of 4.21.
No. 7: Abercrombie & Fitch Co. (ANF), quant rating of 4.54.
No. 6: Nordstrom (JWN), quant rating of 4.59.
Check out the top five in this article on Seeking Alpha.
More articles on Seeking Alpha:
Germany’s retail sales rise 1% Y/Y in October
Asian markets mixed after Thanksgiving, China rebounds over easing concerns
Google asks appeals court to throw out Epic Games app store verdict
Catalyst watch:
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.9% at $68/barrel. Bitcoin is up 1.6% at $96,000.
In the world markets, the FTSE 100 is flat and the DAX is also flat.
The stock market will open as usual at 9:30 am, but will close early at 1pm with low volumes and trading activity typically seen on this day. Bond markets will close an hour later, while metals and U.S. crude oil will settle at 12:30 PM and 1:30 PM, respectively.
Read the full article here
