Good morning. US stock futures rose in Tuesday morning trading as investors digested first quarter earnings results that topped Wall Street's expectations.

"All past declines look like an opportunity. All future declines look like a risk"

Morgan Housel

Top News

US spending habits need adjusting 

WHAT: In a move that's sure to make financial analysts everywhere start biting their nails, US House Speaker Kevin McCarthy announced that the US House will soon be voting on a plan to lift the nation's borrowing limits — but there's a catch: they'll be throwing in some new spending curbs and restrictions.

WHY: The US is approaching its $31.4 trillion debt limit, which must be raised by some time before summer to avoid a market-rattling US payment default. 

From ChatGPT to...TruthGPT? 

WHAT: Elon Musk, the self-proclaimed Tony Stark of the real world, is declaring war on ChatGPT. He's planning to release his own AI creation, "TruthGPT", in what could only be described as a possible bot battle for the ages. 

WHY: Musk co-founded OpenAI in 2015, but he stepped down from the company's board in 2018. In 2019, he tweeted that he left OpenAI because he needed to focus on Tesla and SpaceX  

Ganging up on Google 

WHAT: Seems like Google's antitrust troubles are getting bigger than their search bar. Nine states, including Michigan and Nebraska, have joined the Department of Justice's lawsuit against Alphabet's advertising empire. 

WHY: The government, which filed the ad tech lawsuit in January, had argued that Google should be forced to sell its ad manager suite because it illegally abused its dominance of online advertising.  

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In Other News

Apple banking on high yields to woo customers 

WHAT: There just might be no stopping Apple. The company is now throwing its hat into the ring of high-yield savings accounts for Apple Card holders. The tech giant announced it was teaming up with Goldman Sachs to mark its latest foray into the finance and payments market.  

WHY: The accounts offer an annual percentage yield of 4.15% which Apple was quick to point out is 10 times higher than the national average, as Apple ramps up competition with traditional banks.

Bridal bankruptcy 

WHAT: Looks like David's Bridal, the big shot of wedding gowns in the US, couldn't handle its commitments and has now filed for bankruptcy protection. In fact, the firm is seeking a buyer for its business.    

WHY: The company entered bankruptcy with just $4.4 million in cash on hand, and debts exceeding $250 million according to the company's court filings.  

Mirror, mirror...who's about to be sold?  

WHAT: Lululemon might be ready to shed some pounds as the company is reportedly exploring a sale for Mirror, the fitness-equipment maker it bought for a hefty $500 million back in 2020.  

WHY: Mirror's hardware sales have missed Lululemon's projections, and the Vancouver-based company took $443 million in impairment charges on the business in the fourth quarter. 

Key Economic Events

• Tuesday - No Major Economic News

• Wednesday - Federal Reserve Releases Beige Book, Eurozone CPI Y-o-Y, UK CPI Y-o-Y

• Thursday - Fed's Bostic Discusses Economic Conditions, ECB March Meeting Account

• Friday - No Major Economic News

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