Good morning. US stock futures rose in Tuesday morning trading as investors awaited the latest inflation data and the Federal Reserve’s next move.

"Hindsight plays tricks on our mind"

Jeremy Siegel

Top News

Biden Admin strikes deal to preserve preventative healthcare coverage

WHAT: In a moment of triumph for preventative care enthusiasts, the Biden Administration sealed a deal to uphold the federal mandate that compels health insurers in the US to cover essential services such as cancer screenings and HIV-preventing medications without burdening patients with extra costs.

WHY: More than 150 million people were eligible for preventative care free of charge under the Affordable Care Act (ACA) according to data from the US Department of Health and Human Services.

Give us a break on those emission rules!

WHAT: The head of a trade group representing the US automotive industry urged the US Environmental Protection Agency (EPA) to take a chill pill and reconsider its proposal to slash vehicle emissions by 2032. Alliance for Automotive Innovation CEO John Bozzella, in a blog post, suggested that the EPA “ease up” before inadvertently solidifying China’s dominance in the US auto market.

WHY: The EPA proposed in April to cut vehicle emissions by 56% over 2026 levels. EPA estimates would result in 60% of new vehicles by 2030 being electric and 67% by 2032.

UN chief: Global AI watchdog needed

WHAT: The rise of Artificial intelligence (AI) continues to be quite the fire starter! This time, Secretary General of the United Nations Antonio Guterres is tossing his opinion into the mix, backing the call for an international AI watchdog body similar to the likes of the International Atomic Energy Agency.

WHY: Generative AI technology that can spin authoritative prose from text prompts has captivated the public since ChatGPT launched six months ago and became the fastest growing app of all time.

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In Other News

FTC says “no” to Microsoft acquisition

WHAT: Microsoft’s plans to acquire Activision Blizzard just hit another speed bump. This time, the Federal Trade Commission (FTC) has filed another lawsuit in an attempt to quash the $70 billion gaming deal.

WHY: Microsoft isn’t the only big tech company under pressure from regulators. European Union regulators recently laid out plans to target Alphabet’s lucrative ads business.

Nasdaq splurges on financial software firm acquisition

WHAT: Nasdaq just dipped in its pocket and pulled out some big dollars for its biggest acquisition yet! The company agreed to buy Thoma Bravo-owned Adenza for $10.5 billion, speeding up its push to become a more tech-focused company.

WHY: Adenza’s software is primarily used by banks and brokerages, and analysts said Nasdaq’s deal to buy the company would help it diversify beyond its roots as an operator of stock exchanges.

GenZs, Millennials feel “anxious” about today’s economy

WHAT: GenZs and Millennials may finally have something to bond over — a shared level of anxiety surrounding the current economic situation and the potential impact on their future and finances. According to a survey from MassMutual, about a third of young Americans — 33% GenZ and 36% Millennials — feel unprepared to manage their finances.

WHY: The survey added that the main economic concerns for both generations was the impact of inflation (88%) and the potential risk of a recession (81%).

Key Economic Events

• Tuesday - US CPI Y-o-Y, FOMC Begins Two-Day Meeting

• Wednesday - Fed Chair Holds Conference Following FOMC Meeting

• Thursday - ECB President Christine Lagarde Holds Press Conference

• Friday - U. Of. Mich. Sentiment

Notable Briefs

• These are the 11 types of investments you’ll likely encounter

• Want to understand financial statements? Follow these quick tips!

• Here are 12 signs you might need a life coach

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