Good morning. US stock futures traded higher in Thursday morning trading as investors digested the latest inflation report.

"It’s misguided to think anyone can see very far into the future"

Philip Tetlock

Top News

US inflation ticks higher

WHAT: Energy costs have been on a rollercoaster lately and now they’re dragging US inflation along for the ride! US consumer prices rose by 3.7% year on year according to the latest figures released by the Bureau of Labor Statistics — above market forecasts of 3.6% — largely due to rising energy costs.

WHY: Despite the uptick in inflation, the Federal Reserve is widely expected to keep interest rates steady at its next meeting, having lifted rates 11 times since March 2022 in a bid to bring inflation back towards its 2% target.

Tech execs, lawmakers convene to discuss AI

WHAT: Tech bigwigs from Tesla, Meta Platforms and Google took to Capitol Hill to discuss a path forward for the regulation of artificial intelligence (AI). Tesla CEO Elon Musk, in meeting with lawmakers called for a US “referee” to manage the risks and opportunities that confront the rise of AI.

WHY: Lawmakers are seeking ways to mitigate the dangers of the emerging technology which has boomed in investment and consumer popularity since the release of OpenAI’s ChatGPT chatbot.

iPhone banned in France

WHAT: Oh la la! France’s radiation watchdog is shaking its fingers at Apple’s iPhone 12, calling it a rulebreaker. The Agence Nationale des Frequences (ANFR) said the models Specific Absorption Rate (SAR) — a measure of the rate of radiofrequency absorbed by the body from a piece of equipment — was higher than legally allowed.

WHY: Apple disputes the watchdog’s conclusions, saying the iPhone 12 was certified by multiple international bodies, as compliant with global radiation standards.

In Other News

Crypto assets go on sale

WHAT: Defunct crypto exchange FTX just got the nod from a US court to turn their crypto stash into cold hard cash. The company said this would allow it to pay back customers in US dollars, and minimize risks related to price volatility in crypto markets.

WHY: FTX filed for bankruptcy in November 2022 in the wake of claims that it misused and lost billions of dollars worth of customer’s crypto deposits. The company said in filings that it was keenly aware of the risk that its efforts to liquidate coins could have on crypto markets.

Walmart sued over disabled worker discrimination

WHAT: The agency that keeps workplaces in check just slapped Walmart with a lawsuit, accusing the company of showing the door to hourly workers with disabilities who couldn’t pass a computer-based test. The Equal Employment Opportunity Commission (EEOC) said the test, used by Walmart since 2015, had no connection to workers’ job duties.

WHY: The EEOC has filed a series of lawsuits in recent years accusing Walmart, the largest private US employer, of discriminating against workers and job applicants with disabilities.

Amazon boosts driver pay

WHAT: Amazon’s got a delivery driver makeover plan! The company announced that it will invest $440 million over the next year to increase pay rates for contracted delivery drivers.

WHY: The e-commerce company launched its delivery service partner program in 2018 as part of an effort to reduce its reliance on outside carriers such as UPS and FedEx.

Key Economic Events

• Thursday - Initial Jobless Claims (wk end Sep 8)

• Friday - Baker Hughes Total Rig Count

Notable Briefs

• New to investing? Start here to see your money grow!

• These 20 tips will help you budget better!

• Here’s everything you need to know about employee benefits

• Was this forwarded to you? Sign up here.

• Want to advertise in Daily Market Briefs? Go here.