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
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
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
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
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.
🧑💻 We read your emails and poll replies daily.
Hit reply and let us know what you want more of!
See ya next time, Daily Market Briefs