💸 Another Billion In Debt Cleared For...?

Good morning. US stock futures traded mixed in Friday morning trading as investors look to shake off a major slide in the broad market indices.

💰 Biden admin wipes another billion in student debt

📝Our report: The Biden administration announced that over 35,000 borrowers will have $1.2 billion in student debt wiped clean, courtesy of the public service loan forgiveness (PSLF) program. Debt relief under PSLF now totals $69.2 billion for 946,000 borrowers since October 2021.

🔑Key points:

• “The additional Americans approved for PSLF today are hard-working public servants who will finally receive the financial breathing room they were promised,” Education Secretary Miguel Cardona said in a press release.

• Teachers, nurses, doctors, lawyers, and other professionals who work in public service jobs with federal, state, local, or certain nonprofit organizations are eligible to have their remaining loan balances discharged after 10 years of payments through the PSLF program.

• To date, the Biden administration has forgiven $168.5 billion in student loan debt for 4.76 million borrowers.

💡So what: The Biden administration's forgiveness of $1.2 billion in student loans under the public service loan forgiveness (PSLF) program has multifaceted implications. Economically, it increases disposable income for borrowers, potentially boosting spending and investments, while impacting the federal budget. Socially, it reduces financial stress and incentivizes public service careers, promoting educational access and equity. However, the initiative also faces criticism for potential moral hazard, equity concerns, and implementation challenges. Overall, the move provides immediate relief but raises important questions about the future of higher education financing and government involvement in addressing student debt.

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🛒 Amazon records “biggest Prime Day ever”

WHAT: Amazon announced record-breaking Prime Day sales this week, with Prime members buying more stuff than ever before during the annual shopping frenzy. The Seattle e-commerce giant, which does not disclose how much it earns during the popular discount event, also said “millions” of customers joined Prime in the past three weeks to take advantage of the discount event.

WHY: Data from some third-party groups also indicated shoppers spent more this year during the two-day event. Adobe Analytics, which tracks online sales, said consumers spent $14.2 billion on Tuesday and Wednesday, up 11% compared to last year.

🕶️ Meta eyes stake in sunglasses maker

WHAT: Meta Platforms Inc. is eyeing a minority stake in Ray-Ban's maker, as the Facebook owner sharpens its focus on smart glasses. Meta, which has collaborated with EssilorLuxottica SA on Ray Ban-Meta smart eyewear, is considering a stake of more than 3% and as much as 5% in the luxury eyewear group, which would be valued at about €4.5 billion ($4.9 billion) at current prices, according to people familiar with the discussions.

WHY: By taking a stake in EssilorLuxottica, the social media giant would deepen its partnership with the world’s biggest eyewear company. It would also presumably gain more influence over a business that’s key to its virtual and augmented reality efforts and strengthen its position against rivals.

💨 Millions of steam cleaners hit with recall

WHAT: About 3.3 million steam cleaners are being recalled in North America after leaving over 150 people steamed—literally—with burn injuries. Select models of Bissell-branded “Steam Shot Handheld Steam Cleaners” can spew hot water or steam while the products are in use or being heated up, according to notices from the U.S. Consumer Product Safety Commission and Health Canada. That poses a risk of burns to users.

WHY: The Bissell steam cleaners under recall were sold at major retailers including Target and Walmart, as well as online at the company’s own website and Amazon, from August 2008 through May 2024.

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