TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the launch of Venu Sports was blocked.
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SportsTranscript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Wall Street kicks off a new week with a renewed sense of optimism following the best week for stocks all year.
00:11Goldman Sachs issued a note saying the risk of a recession is now lower.
00:16Investors will be listening for clues on the size of a September interest rate cut when Federal Reserve Chairman Jerome Powell speaks at the end of the week.
00:24In other news, a federal judge has issued a ruling that prevents Venue Sports, a new sports streaming bundle backed by Warner Brothers Discovery, Disney and Fox, from going live.
00:34The decision comes just weeks before the start of the lucrative NFL season.
00:38Small arrival Fubo filed a lawsuit back in April to block the package, claiming the three media giants were banding together to muscle out any competition.
00:47In her ruling granting a temporary injunction, the judge wrote, quote,
01:05At issue is the size and scope of what Venue offers to cord cutters.
01:10Subscribers would get access to a wide array of unparalleled sporting events based on TV rights secured by the three media giants.
01:18We're talking NFL, NBA, Major League Baseball, hockey, tennis, soccer, golf, NASCAR racing and UFC fights, all for just $42.99 a month.
01:28Warner Brothers Discovery, Disney and Fox, quote, respectfully disagree with the judge's ruling and say they plan to appeal.
01:36That'll do it for your daily briefing from the New York Stock Exchange.
01:39I'm Conway Gittens with the street.