💳 Guess Who's Getting Their Debt Wiped?

Good morning. US stock futures rose sharply in Thursday morning trading as Big Tech earnings continued to drive the indices higher.

💵 Biden admin wipes more student debt

📝 Our report: Hold onto your graduation caps! President Joe Biden just whipped out the loan forgiveness magic wand, canceling a whopping $1.2 billion in student loans for nearly 153,000 lucky folks who hit the eligibility jackpot. Biden last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel $430 billion in student loan debt.  

 🔑 Key points:

• Biden said the latest round of debt relief would be "a huge help to graduates of community college and borrowers with smaller loans, putting them back on track faster for debt forgiveness than ever before."

• The administration has now canceled some $138 billion in student debt for nearly 3.9 million people through executive actions, the White House said..

• The latest announcement applies to people enrolled in a repayment program known as Saving on a Valuable Education (SAVE) and covers those who borrowed $12,000 or less who have been repaying the money for at least 10 years.

💡 So what: When the Biden administration cancels student loan debt, it can have significant implications for individuals, the economy, and society as a whole. Cancelling student loan debt can provide immediate financial relief to millions of borrowers who are struggling to repay their loans, reducing their financial burden and improving their overall financial well-being. This can free up disposable income that borrowers can use for other purposes, such as saving for retirement, buying a home, or investing in the economy, which can stimulate economic growth.

Thursday - Existing Home Sales, Initial Jobless Claims

Friday - No Major Economic News

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🤖 Google goes enterprise with new Gemini release

WHAT: Google's bringing out the big guns in the AI showdown! They just dropped a fresh tier of their Gemini suite for Workspace. Google’s new offering, known as Gemini Business, is an add-on for its Workspace suite of products which includes Gmail, Docs, Meet, Sheets, and Slides. The move is another strike at rival Microsoft as the pair continue to battle for customers in the generative AI era.

WHY: Companies are increasingly adding generative AI capabilities to their business products as the hype surrounding the technology continues to carry into the first few months of 2024.

⌚ Those smartwatches might not be so smart…

WHAT: Looks like the US Food and Drug Administration (FDA) is throwing a curveball! They're telling consumers to steer clear of those fancy smartwatches and rings that claim to measure blood sugar levels without penetrating the skin. The caution applies to any watch or ring, regardless of brand, that claims to measure blood glucose levels in a noninvasive way, the agency said. The FDA said it has not authorized any such device.

WHY: Several companies are working on noninvasive devices to measure blood sugar, but none has created a product accurate and secure enough to get FDA approval.

🧾 Reddit gets generous with users in IPO

WHAT: Get ready to do some serious upvoting! Social media hotspot Reddit is cooking up a quirky plan for its IPO, according to the Wall Street Journal. They're thinking about dishing out a chunk of their shares to 75,000 of their most vocal redditors when they hit the big stage next month.

WHY: Reddit's IPO, which has been in the works for more than three years now, would be the first from a major social media company since Pinterest's debut in 2019. The company was valued at about $10 billion in a funding round in 2021.

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