Good morning. US stock futures were mixed in Thursday morning trading as investors considered what the latest data suggested about the health of the economy.

"Bear markets are like a hall of mirrors designed to confuse investors and take their money"

Mike Wilson

Top News

It's time to do trade differently!

WHAT: Katherine Tai, the US Trade Representative, defended the Biden Administration's decision not to follow the usual free trade deal playbook. She thinks it's better to focus on smoothing out trade barriers that can boost US supply chains and help it tango with China more effectively.

WHY: "We're writing a new story on trade. One that makes the US more resilient, our economy more sustainable and our results more inclusive" Tai said, as she delivered policy remarks at an event hosted by American University's Washington College of Law.

EU looks to phaseout greenhouse gases

WHAT: The European Union seems ready to put the chill on super-potent greenhouses gases in fridges and air-conditioners, but it looks like member states have their temperatures all set differently on the move.

WHY: Negotiations for a new law to phaseout the gases are heating up within the European Parliament, but countries and lawmakers remain divided on just how fast the process should move and which appliances should be targeted.

Oh you're not worried about the debt ceiling huh?

WHAT: US House Speaker Kevin McCarthy felt like giving a piece of his mind to the bigwigs on Wall Street. According to him, they should be shaking in their boots over the political bickering about the US debt ceiling and the possibility of a US default.

WHY: In an interview with BloombergTV, McCarthy said he is "very concerned" about reaching a deal on the debt limit, but remained opposed to increasing it without reducing government spending.

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In Other News

Our supercomputer is better!

 WHAT: Google just dropped some serious AI bombs on the tech industry! The online advertising giant says they've unleashed a supercomputer that puts systems made by AI rival Nvidia to shame — like comparing a bicycle to a Ferrari.

WHY: The substantial amount of computing power needed for AI is ridiculously expensive, and many industry big boys are focused on developing new chips, optical connections or software techniques that reduce the amount of computer power needed.

R.I.P live audio

WHAT: Spotify just hit the mute button on its live audio initiative, Spotify Live, in an effort to save some cash and improve margins. The company confirmed the news in an email to customers that live audio will be shut down on April 30th.

WHY: The shut down is the latest sign of trouble in the live audio space after the pandemic initially boosted consumer demand for those types of services.

Belt-tightening continues at Amazon

WHAT: Amazon is taking a little off the top when it comes to doling out shares to employees as part of their 2025 compensation. According to reports from Business Insider, the online retail giant is slimming down the number of shares offered to employees.

WHY: Last month, the company said it would axe another 9000 roles, piling on to a wave of layoffs that has swept through the tech sector as uncertain economic times force companies to get leaner.

Key Economic Events

• Thursday - Fed's Bullard Discusses The Economy

• Friday - US Unemployment Rate

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