Good morning. US stock futures dipped in Tuesday morning trading as investor sentiment around globe was downbeat due to disappointing economic data out of China.

"Every bubble has two components: an underlying trend that prevails in reality and a misconception related to that trend"

George Soros

Top News

Biden calls on automakers, union to strike “fair” agreement

WHAT: US President Joe Biden has thrown a “lets-all-get-along” wrench into the negotiation machinery as he urged auto workers and Detroit’s Big Three automakers to come together on a new agreement ahead of next month’s contract expirations. “I’m asking all sides to work together to forge a fair agreement” Biden said in a statement.

WHY: Facing the risk of a potential strike, automakers have said they face rising development costs as the industry shifts to EVs and spend billions constructing battery plants.

US Treasury Secretary: US economy on the right track

WHAT: US Treasury Secretary Janet Yellen is feeling mighty confident about the state of the US economy! Delivering remarks at a union facility in Las Vegas, Yellen said the economy was on the “right track” as it continued to transition from recovery to growth. “Workers are better off than they were last year. Real hourly earnings have grown in the last year” Yellen said.

WHY: The US economy has outrun recession warnings with record-low unemployment, strong wage gains, and better-than-expected GDP growth.

Hollywood studios extend olive branch to screenwriters

WHAT: Lights, camera, negotiations! Hollywood studios have made a new offer to striking screenwriters that includes concessions on issues such as the use of artificial intelligence and access to viewer data according to reports from Bloomberg.

WHY: The strike by Hollywood writers began on May 2 after talks between the Writers Guild of America and major studios reached an impasse over compensation, minimum staffing of writers’ rooms and residual payment in the streaming era among others.

In Other News

More Tesla price cuts on the way

 WHAT: Tesla is once again slashing prices for its vehicles in China, a signal that demand for the EV makers cars may be eroding on the mainland. The company announced via its Weibo account, that it would cut prices on its Model Y Long Range SUV and Performance SUV by 4.5% and 3.8% respectively.

WHY: Tesla’s margins, which will shrink due to price cuts, are a concern for investors as the company’s stock took a hit following its second quarter results in late July.

Stop spamming customers!

WHAT: A unit of the Experian credit reporting bureau has hit a snag with its email antics. ConsumerInfo.com agreed to cough up a $650,000 fine after the US Federal Trade Commission (FTC) caught them spamming customers without a proper “unsubscribe” button. The FTC said the company sent emails after consumers signed up to freeze or manage their credit information, but failed to inform customers about how they could opt out.

WHY: “Signing up for a membership does not mean you’re signing up for unwanted email, especially when all you’re trying to do is freeze your credit” Samuel Levine, director of the FTC’s Consumer Protection Bureau said.

Cereal maker defeats lawsuit over protein content

WHAT: Looks like Kellogg and its Kashi crew have emerged victorious in their protein-packed legal showdown! Appeals looking to resurrect a proposed class action accusing them of deceiving consumers about their protein content were tossed out by a Circuit Court of Appeals judge in San Francisco.

WHY: In handing down her ruling, Judge Morgan Christen said she found no evidence that Kellogg crossed the line with their labeling which the plaintiffs argued failed to describe protein quality.

Key Economic Events

• Tuesday - Fed’s Kashkari Speaks, NAHB Housing Market Index

• Wednesday - FOMC Minutes

• Thursday - Philadelphia Fed Manufacturing Index

• Friday - Baker Hughes Total Rig Count

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