Good morning. US stock futures rose in Wednesday morning trading as investors consider the latest moves by the Federal Trade Commission and continue to monitor developments in Washington.

"The market’s not a very accommodating machine; it won’t provide high returns just because you need them"

Peter Bernstein

Top News

FTC goes after Amazon in landmark antitrust case

WHAT: The Federal Trade Commission (FTC) just served up a legal blockbuster and Amazon is in the hot seat! The FTC in its recently filed lawsuit is accusing Amazon of monopolizing online marketplace services by degrading quality for shoppers and overcharging sellers.

WHY: The FTC and a bipartisan slate of states accuse the e-commerce giant of engaging in anti-competitive conduct in two markets — the online superstore sector that serves consumers and the separate market for sellers.

US consumer confidence hits the skids

WHAT: US consumer confidence is doing a limbo, and it’s not winning any awards! According to the latest report from the Conference Board, consumer confidence dropped to a four-month low in September, weighed down by persistent worries about higher prices and rising fears of a recession.

WHY: The Conference Board said its consumer confidence index dropped to 103.0 this month, the lowest reading since May, from an upwardly revised 108.7 in August.

$90 billion valuation?

WHAT: OpenAI is out here flexing its AI muscles and making investors do a double take! The company is reported to be in talks with investors about a potential share sale that would value the startup at $80 to $90 billion according to the Wall Street Journal.

WHY: Microsoft has invested $13 billion in OpenAI, which was co-founded by Sam Altman. The company is on track for $1 billion of annual revenue as businesses adopt the technology behind ChatGPT, according to reports from Bloomberg.

In Other News

Now it’s Vegas’ turn to strike…

WHAT: Las Vegas is about to roll the dice on a grand showdown! Tens of thousands of workers are gearing up to vote on whether they should strike. The Culinary Workers Union is seeking better pay, benefits and working conditions as it bargains with the top employers on the Vegas Strip including MGM Resorts International and Caesars Entertainment.

WHY: There’s been increased labor organizing in recent years across multiple industries — from strikes to work stoppages — resulting in significant loss of economic value in many states.

Target shutters locations over rising theft

WHAT: Target’s taking a “time out” and it involves the retail chain closing nine store locations in the wake of rising retail theft and organized crime that continues to threaten the safety of its staff and supplies. The company said team members affected by the closure will have the chance to transfer to other stores.

WHY: Target said within the past year inventory shrinkage has cost the company upwards of $700 million.

NY Fed: “Buy Now, Pay Later” more likely among fragile consumers

WHAT: A recently released research report from the Federal Reserve Bank of New York City says Americans with lower credit scores and those who have a harder time accessing loans are more likely to pitched — and use — “buy now, pay later” (BNPL) payment plans.

WHY: The researchers also found that BNPL plan were more likely to be offered to women, young consumers and people with higher income, as well as people with credit scores below 620.

Key Economic Events

• Wednesday - US Trade Balance

• Thursday - US GDP Q-o-Q

• Friday - U. Of. Michigan Consumer Sentiment

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