"S&P 500 component company Oracle ( NYSE: ORCL) is helping to push the ETF higher. Shares of the software company are up more than 7% after TikTok CEO Shou Zi Chew confirmed that a consortium of companies including Oracle, Silver Lake, and Abu Dhabi-based MGX will jointly acquire and run TikTok U.S., with Oracle in particular tasked with running the social media app's software in the U.S., and ensuring the company abides by "agreed upon National Security Terms.""
"In any case, the deal is expected to close January 22. Economy In other news, the University of Michigan released its Consumer Sentiment survey for December today. The CS "reading" is 52.9 this month, up from 51.0 in November but lower than the 53.5 reading that economists had predicted. That's generally bad news, suggesting consumers may not shop as much as retailers would like this Christmas season."
The Vanguard S&P 500 ETF (VOO) rose 0.8% by noon Eastern as Oracle shares climbed over 7%. A consortium including Oracle, Silver Lake, and Abu Dhabi-based MGX will jointly acquire and run TikTok U.S., with Oracle responsible for operating the app's U.S. software and ensuring compliance with "agreed upon National Security Terms." China is selling the TikTok U.S. division only and not the algorithm, and access to the algorithm remains unclear. The deal is expected to close January 22. The University of Michigan Consumer Sentiment for December was 52.9, up from 51.0 but below the 53.5 forecast, indicating weaker holiday spending.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]