Good morning. US stock futures ticked higher in Tuesday morning trading as investors await the latest interest rate decision by the Federal Reserve.
🤖 Biden signs executive order regulating AI
The executive order lays out new rules on security and privacy protection for AI.
Big Tech companies will be directed to put AI models through rigorous safety tests and submit results to the government before they can be launched publicly.
The order also creates infrastructure for watermarking standards for AI-generated content, such as audio or images, often referred to as “deepfakes”.
💡 So what: The rise of AI has brought with it both opportunities and threats. The involvement of the US government in a regulatory capacity is meant to ensure guardrails are kept around the mushrooming technology to safeguard both users and corporation from being exploited while maximizing the societal benefits.
Tuesday - US Consumer Confidence
Wednesday - Federal Reserve Decision On Interest Rates, Fed Chairman Powell Press Conference
Thursday - Initial Jobless Claims (wk end Oct 28)
Friday - US Unemployment Rate
💰 These are the pros and cons of investing in stocks!
🛢️ World Bank warns higher oil prices around the corner!
📱 Meta charges for ad-free services in Europe in regulatory compliance move
WHAT: Meta Platforms is a running a new game plan in Europe! The company said it will offer users in the EU a subscription plan to use Facebook and Instagram without advertisements to comply with European regulations. The monthly subscription plan for users in the EU will cost 9.99 euros for web users, with iOS and Android users having to shell out 12.99 euros a month.
WHY: The world’s most popular social media network has been under antitrust pressure in the EU. In July it lost its fight against a German data curb order, and was fined 300 million euros earlier this year by Ireland’s Data Privacy Commissioner over sending users ads based on their online activity.
🚫 Canada bans Chinese, Russian apps on govt devices
WHY: In February, Canada banned TikTok — the short-video app owned by Chinese company ByteDance — from government issued devices due to similar privacy and security concerns.
🏪 Store upgrades coming to Walmart
WHY: Walmart’s low-cost and low-margin groceries have been a big draw for Americans dealing with steep inflation in food prices over the past two years.
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