Good morning. US stock futures ticked lower in Thursday morning trading as investors look ahead to key jobs data.

"I have two basic rules about winning in trading as well as in life: If you don’t bet, you can’t win. If you lose all your chips, you can’t bet."

Larry Hite

Top News

Biden Admin wipes $9 billion of student debt

WHAT: US President Joe Biden has got his student debt relief magic eraser pen out again! Biden announced that his administration had approved an additional $9 billion in student debt relief for 125,000 borrowers.

WHY: Biden said the latest announcement brought the total approved debt cancellation by his administration to $12.7 billion for nearly 3.6 million Americans.

Ratings agency: US government shutdown would leave rating unchanged

WHAT: Ratings agency Fitch is keeping a close eye on the shenanigans in Washington! Fitch, which downgraded the US’ top credit rating in August, cautioned about a possible government shutdown after US House Speaker Kevin McCarthy was ousted, but said his ouster would not affect the US’ sovereign rating.

WHY: A handful of Republicans in the US House of Representatives ousted Speaker Kevin McCarthy, the latest factor to prompt worry on Wall Street about US political governance.

EU regulators to study mobile ecosystems in fight against tech titans

WHAT: The European Union (EU) antitrust regulators are gearing up for a tech showdown with the likes of Apple and Google! EU antitrust regulators have commissioned a study into mobile ecosystems to help them counter any pushback from big tech companies who challenge or fail to comply with new rules.

WHY: The Digital Markets Act (DMA), which became applicable in May, forces Apple and Google to allow for third-party apps or app stores on their iOS or Android devices, and to make it easier for user to switch from default apps to rivals.

In Other News

Apple releases fix for iPhone overheating issues

WHAT: Apple’s got a hotfix for it’s sizzling iPhone 15s! The company announced that it had released an iOS 17 system update that includes a fix to prevent the newly-released iPhone 15 from becoming uncomfortably hot.

WHY: Apple also dismissed speculation that the overheating problem in the new models was due to its new processor or titanium casing that house the iPhone 15 Pro and iPhone 15 Pro Max.

UK plans ban on cigarettes for young generation

WHAT: Britain’s government is pulling out some major moves against cigarette manufacturers. They’re proposing a law banning younger generations from ever buying cigarettes, a move that would give the country some of the world’s toughest smoking rules, and hurt the sales of major tobacco firms.

WHY: If passed, Britain would become the first country in Europe to join New Zealand — which announced a similar plan last year — in banning smoking for future generations.

$200 million, gone…

WHAT: General Motors (GM) is feeling the burn from the ongoing United Auto Workers union strike. The Detroit car manufacturer said the historic strike has cost the company $200 million in the first two weeks, prompting the company to secure back up funding as it braces for mounting losses.

WHY: GM also announced that it was setting up a $6 billion line of credit to shore up liquidity, a sign it is hunkering down for a potentially long work stoppage.

Key Economic Events

• Thursday - Initial Jobless Claims (wk end Sept 29)

• Friday - U.S. Unemployment Rate, U.S. Consumer Credit

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