TikTok may add a direct shopping tool for users as it secures big advertisers like Walmart, Nike and Asos, the Financial Times reports.
The big picture: Blake Chandlee, vice president of global business solutions for TikTok, told FT that the app's current growth stage is "very similar" to when he joined Facebook in 2007.
U.S. securities regulators have rejected an application by the New York Stock Exchange to allow companies to raise capital during direct listings, Axios has learned.
Why it matters: As we wrote earlier, the NYSE proposal could have upended the traditional IPO market, which has relied on Wall Street banks to set pricing terms.
There's a split-screen effect with the Saudi Aramco IPO: it's simultaneously the largest ever and an event that's less consequential than initially envisioned.
Driving the news: The company yesterday said shares would be priced at 32 riyals, or $8.53, per share on the country's domestic exchange, representing a $1.7 trillion valuation.
The U.S. economy added 266,000 jobs in November, above the 187,000 economists expected, the government said on Friday, as the unemployment rate fell back to a 50-year low of 3.5%.
Why it matters: The number reflects, in part, striking GM workers returning to work. The report, which also included upward revisions for prior months' job gains, also shows employers haven't pulled back on hiring, despite fears of a trade-war driven economic slowdown.
The return of bullish sentiment that has driven the stock market to fresh all-time highs hasn't dented the safe-haven appeal of money market funds, which are akin to savings accounts or holding cash.
Why it matters: In fact, data shows investors are still selling equities on an overall basis and moving that money into money market funds.
Most economists polled are on record predicting the U.S. added 150,000 to 180,000 jobs in November, but following Wednesday's ADP private payrolls report, which came in strongly below estimates, some are bracing for a weak number.
The big picture: Cailin Birch, global economist at The Economist Intelligence Unit, expects job creation softened significantly last month and that the economy is slowing — though she sees a "minor risk" of a looming recession.
The dollar has fallen every day this week, notching a cumulative loss of around 1% since President Trump complained on Twitter about its strength and took aim at two countries with weak currencies.
Why it matters: The decline may continue, reducing the dollar's strength in 2020, experts say.
Holiday season spending is here, with the frenzy of Black Friday, Cyber Monday,and all the other temptations in full play.
The big picture:This year, Black Friday spending rose an astonishing 20%; even Thanksgiving Day, when most brick-and-mortar stores are closed, was a retail extravaganza, seeing $4.2 billion spent online. But as shopping goes digital, it's easier than ever to find yourself buying fakes — either deliberately or by mistake.
