TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, May 28.
Related: Stock Market Today: Stocks mixed with inflation in focus; Nasdaq tops 17,000 mark
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.
Stocks began the holiday-shortened trading week in mixed fashion. The Nasdaq closed at another record, topping 17,000 for the first time. But worries about the timing of an interest rate cut by the Federal Reserve hurt bank and financial stocks, which weighed on the Dow. Investors are eagerly awaiting the PCE index due on Friday for fresh clues on inflation and when the Fed could possibly ease rates.
In other news, a Virginia-based company is in hot water for an online job posting that encouraged only white Americans to apply.
Arthur Grand Technologies, a minority-owned federal contractor, reached a settlement with the Department of Justice and the Labor Department, agreeing to pay a civil penalty of $7,500 and an additional $31,000 for harm caused.
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The help wanted ad for a Salesforce business analyst and insurance claims position went up in March 2023. It was limited to “only US-born citizens (white) who are local within 60 miles from Dallas, Texas.” Along with the posting, in parenthesis, were the instructions “Don’t share with candidates.”
The DOJ said the listing was “shameful” and violated the Immigration and Nationality Act, while a Labor Department official said, “We are committed to holding federal contractors accountable for outrageous discriminatory practices like this advertisement.”
The company claims the job posting had not been approved and was sent out by an employee working in India.
That’ll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens with TheStreet.
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