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© Evan Vucci/Associated Press Gary Gensler is  the new head of the Securities and Exchange Commission. New rules may be needed to tackle the "gamification" of trading on popular apps, which can prompt users to make bad investing decisions, according to the new head of the Securities and Exchange Commission. Gary Gensler said in written testimony to Congress on Wednesday that many of the US's regulations on trading were created before fast and commission-free apps started to dominate the retail investing landscape. In particular, Gensler expressed concern about the "gamification" of retail trading. Apps are increasingly using features like points, rewards, leaderboards, bonuses and competitions to boost user engagement, he said. Gensler is set to appear before the House Committee on Financial Services on Thursday, as part of its investigation into January's GameStop saga, which saw retail traders unite to pump up the video game store's stock. Some lawmake...

Gary Gensler, then-chairman of the U.S. Commodity Futures Trading Commission (CFTC). Simon Dawson | Bloomberg | Getty Images New Securities and Exchange Commission Chairman Gary Gensler will testify before the House Financial Services Committee on Thursday.  It's the third House hearing focused on GameStop, but Gensler's first appearance as chairman before the committee. Gensler's prepared testimony indicates he will address a broad range of topics around GameStop and protection of investors, including: 'Gamification' of trading. Gensler will begin his testimony on the increasing gamification of trading, which he defined as trading that has "game-like features" — such as points, rewards, leaderboards, bonuses and competitions — to increase engagement. "Many of these features encourage investors to trade more," Gensler said. "Some academic studies suggest more active trading or even day trading results in lower returns for the average trader....

U.S. stock futures were mostly higher, one day after Wall Street skidded on reports that President Joe Biden plans to propose an increase in the capital gains tax rate to 39.6% for those earning $1 million or more, up from 20% currently. The Dow, S&P 500 and Nasdaq finished off their lows, declining about 1% each. The three stock benchmarks were tracking for weekly drops of more than 1%. (CNBC) Dow components American Express (AXP) and Honeywell (HON) delivered quarterly results Friday morning. Amex beat handily on profit but missed on revenue. Shares dropped nearly 4% in the premarket. Honeywell beat on both, though its stock was also lower. (CNBC) Intel (INTC) late Thursday delivered essentially flat first-quarter sales and a drop in profit in the first earnings report under new CEO Pat Gelsinger. The Dow stock declined more than 2% in premarket trading, though Intel’s per-share earnings and revenue did beat esti...