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Good morning. US stock futures traded lower in Tuesday morning trading as investors continued to monitor earnings results.

📉 US tightens screws on China chip restrictions

📝 Our report: The Biden administration is tweaking its export rules to keep China from getting its hands on fancy chips and high-tech gear. The updated rules are an attempt to streamline export curbs announced last October, and will strengthen controls on selling graphics chips for artificial intelligence applications, and advanced chipmaking equipment to Chinese firms.

 🔑 Key points:

• The US unveiled the original chip restrictions a year ago in an attempt to curtail China’s technological development, a step the Biden administration argued was necessary for national security.

• As part of the new rules, the US will impose additional checks on Chinese firms attempting to evade export restrictions by routing shipments through other nations.

• A Chinese Foreign Ministry representative accused the US of “politicizing, weaponizing and instrumentalizing trade and tech issues.”

💡 So what: The US and China have been at loggerheads over access to technological tools. Semiconductors are the latest frontier of this conflict. The potential for trade restrictions to escalate remains real, with the impact likely to be borne by consumers in both countries if such conflict is not managed appropriately.

Tuesday - US Retail Sales, Fed Gov. Bowman Speaks

Wednesday - Fed Beige Book, New York Fed President John Williams Speaks

Thursday - Fed Chairman Jerome Powell Speaks, Initial Jobless Claims (wk end Oct 13)

Friday - No Major Economic News

🚙 Autoworkers strike costs US economy billions 

🔨 Will SBF take the stand?

✈️ Southwest tries to attract fliers with “elite” status

🏛️ Rite Aid chooses bankruptcy route

WHAT: Rite Aid just did the retail equivalent of an “exit stage left”. The pharmacy chain filed for bankruptcy, ready to close unprofitable stores, shake off the opioid saga that has plagued the brand, and rework a debt load of roughly $4 billion.

WHY: Hit hard by the pandemic, Rite Aid began a series of debt swaps and pay downs between 2020 and 2022 to try to cut its interest expenses. It also closed around 200 underperforming stores and entered sale-leaseback deals.

🚫 Crypto exchange says no to UK customers

WHAT: Cryptocurrency platform Binance is taking a breather from the UK scene, announcing that it will stop accepting new customers in the country. The move comes as the UK began rolling out new regulations restricting promotions from overseas digital asset firms in the country.

WHY: The UK’s tough stance comes as cryptocurrency regulation remains in focus around the world after a string of high-profile collapses last year sparked worries about how firms store and use customer deposits in a largely unregulated industry.

🐄 Workers rally against child labor in meat sector

WHAT: Tyson Foods got a taste of some meaty activism when workers and activists staged a protest outside the company’s headquarters in Arkansas. The workers were protesting the use of child labor and rallying for better working conditions as they challenge the operations at processing plants.

WHY: The US Department of Labor said in February that a major food safety sanitation company paid $1.5 million in penalties for employing more than 100 teenagers at meatpacking plants, including two Tyson facilities in Arkansas and Tennessee.

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