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Good morning. US stock futures fell in Wednesday morning trading as Wall Street geared up for the latest interest rate decision by the Federal Reserve.

S&P 500DowNasdaq
-0.31%-0.27%-0.34%

🛍️ US consumer confidence dips for 3rd straight month

📝 Our report: 

 🔑 Key points: The zeal of the American consumer might be waning, with consumer confidence taking a third-straight monthly plunge in October according to a survey from the Conference Board. 

  • The Conference Board said its consumer confidence index fell to 102.6 in October from an upwardly revised 104.3 in September.

  • US consumers have been grappling with rising prices, particularly for groceries and gasoline.

  • The survey also noted that consumers also expressed concerns about the political situation and recent turmoil in the Middle East.

💡 So what: Declining consumer confidence suggests that consumers are feeling less optimistic about the overall state of the economy and their own financial situations. Policymakers and analysts closely monitor consumer confidence levels as they provide insight into potential shifts in consumer behavior and the broader economic outlook.

Wednesday - Federal Reserve Decision On Interest Rates, Fed Chairman Powell Press Conference

Thursday - Initial Jobless Claims (wk end Oct 28)

Friday - US Unemployment Rate

💳 Do you know which rewards credit card is right for you?

🔨 SBF trial intensifies!

💸 CEO warns minimum wage hike will hurt franchisees

🏢 WeWork preps bankruptcy filing

WHAT: Looks like WeWork, the flexible work-sharing space, is about to perform a disappearing act as the company gears up for a bankruptcy filing according to reports from the Wall Street Journal. The company has been in turmoil ever since its plans to go public in 2019 imploded as investors mulled over its heavy losses and began to question its business model.

WHY: WeWork raised substantial doubt about its ability to continue operations in August in a stunning reversal of fortune for a company that was once privately valued at $47 billion.

🚫 Biden goes after retirement advisers in junk fee crackdown

WHAT: The Biden administration is playing referee with retirement plans as it aims to tackle loopholes that let providers score big while customers foot the bill. The proposed Labor Department rules require retirement plan providers to only sell commodities and insurance products, such as annuities, to clients when doing so is in the customers best interest.

WHY: Biden has joined with companies like Airbnb and Live Nation to crack down on junk fees - or extra charges - customers pay when booking concert tickets, hotels and airfares.

🚢 Panama Canal slashes booking slots on drought concerns

WHAT: The Panama Canal, one of the world’s main shipping routes, is dialing down its daily ship volume due to severe drought conditions the Panama Canal Authority said in a recent client advisory. Booking slots will be cut to 25 per day starting Nov 3, and will be gradually reduced further over the next three months to 18 slots from Feb 1.

WHY: The late arrival of this year’s rains and the lack of precipitation in the Canal’s watershed had forced the canal authority to reduce average daily transit capacity slightly to 32 vessels per day since July 30.

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