Good morning. US stock futures climbed in Thursday morning trading as investors cheered the earnings results from artificial intelligence powerhouse Nvidia.

"We deceive ourselves when we believe that past stock market return patterns provide the bounds by which we can predict the future"

John Bogle

Top News

White House moves to accelerate data commentary

WHAT: The White House is getting ready to warp time around the release of economic data — well kinda! The Office of Management and Budget (OMB) is proposing to slice the time in half before the Executive Branch can comment on leading economic data releases. As it currently stands, a 1985 directive requires the White House to wait an hour before commenting on economic data.

WHY: The new proposed 30-minute delay for Executive Branch comment would apply to data releases that range from GDP and home sales, to crop production.

Big Tech gears up for new EU rules

WHAT: The European Union is about to roll out its new Digital Services Act (DSA) and give the bigwigs of the tech world a whole new legal tune to dance to! The DSA imposes new rules for over a dozen of the world’s largest tech companies — including Amazon, Google, Microsoft and Meta — on content moderation, user privacy and transparency.

WHY: The EU is seen as the global leader in tech regulation with more wide-ranging pieces of legislation — such as the Digital Markets Act and the AI Act on — the way.

Survey: Housing market to feel pinch when student loans resume

WHAT: The impending return of those student loan payments is about to drop a doozy on the housing market! According to a survey from data analytics firm Pulsenomics, more than three-quarters of survey respondents said they believe the resumption of student loan payments will have a negative impact on homeownership lasting a year or more.

WHY: About 70% of student loan borrowers — amounting to some 30 million people — are 25-49 years of age, a time of life when many Americans typically look to set up a new home, perhaps as they get married or have kids.

In Other News

WeWork fights to stave off bankruptcy

 WHAT: Looks like WeWork is putting out a call for the ultimate financial makeover squad as the company is rumored to be in talks with advisers to help with restructuring. According to people familiar with the matter, the company is seeking to avoid a Chapter 11 bankruptcy filing and restructure its debt out of court.

WHY: WeWork earlier this month told investors there was substantial doubt about its ability to stay in business. The company said it would focus on cutting rental costs, negotiating more favorable leases and boosting revenue.

Southwest limits “EarlyBirds”

WHAT: Southwest Airlines unique boarding system where you can pay some extra coin, zoom past fellow passengers and get primo seats is about to get an overhaul! The airline said it has not dropped its “EarlyBird” system entirely from flights, but is “limiting the number of spots available for purchase…as it works on product enhancements.”

WHY: Unlike other major US airlines, Southwest does not assign passengers to specific seats ahead of time. Instead, passengers board in the order they checked in for the flight, and pick seats once they are on the plane.

Subscribers cutting the cord on streaming plans

WHAT: There’s a Churn-O-Palooza happening in the world of online streaming. According to recently released data from consumer measurement platform Antenna, US subscriber churn across all streaming platforms stood at 6.7% last month, higher than the 4.7% seen in the same month one year ago.

WHY: Streaming platforms have also been increasing prices over the last year to the chagrin of many subscribers. Disney became the latest service to raise prices, announcing earlier this month it will raise the monthly price of its ad-free Disney+ and Hulu plans by more than 20%

Key Economic Events

• Thursday - Initial Jobless Claims (wk end 19-Aug)

• Friday - U. Of. Mich. Sentiment

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