Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, May 2.
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Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange - here’s what we’re watching on TheStreet today.
Investors are continuing to react to the Fed’s decision to hold interest rates steady. Wall Street is feeling optimistic after Fed Chair Powell ruled out a 2024 interest rate hike as the central bank’s next move. Markets are now pricing in a 40 percent chance of a rate cut in September.
Attention now shifts to the labor market ahead of the April jobs report due on Friday. Analysts are expecting another month of strong job growth.
In other news - Many Americans can already legally bet on football and basketball games, and now they’ll be able to bet on arcade games.
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Dave & Buster’s announced a partnership with gaming tech company Lucra which allows loyalty members to place bets with each other. The bets would likely run between $5 and $10, and would be made through the D&B app. The wagers could be made on games like Skee-ball or Hot Shots Basketball.
According to the American Gaming Association, U.S. gamblers wagered nearly $120 billion on sports betting in 2023. But there’s also the social betting sector, which took in $6 billion all by itself..
As for Dave & Buster’s bet on gambling, here’s what a company official had to say: “This new partnership gives our loyalty members real-time, unrivaled gaming experiences, and reinforces our commitment to continuing to elevate our customer experience through innovative, cutting-edge technology.”
Dave & Buster’s was founded in 1982 and now has 222 locations in North America. Its restaurant and entertainment centers attract 30 million unique visitors a year, and it has 5 million loyalty rewards members. Shares of D&B, which also runs Main Event Entertainment, are up 50% over the past 12 months.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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