Good morning. US stock futures inched higher in Friday morning trading as tame inflation data gave hope to investors that the worst of inflation — as well as the Federal Reserve’s tough stance on rate policy — may be in the rearview mirror.
🛒 Consumer spending not going away
According to Hatzius, consumers needed their excess savings because real disposable income — the income consumers see after adjusting for inflation — was negative last year due to rising prices for goods and services
Recent data has shown a cooling — though still historically tight — labor market, and inflation continuing to decelerate.
The Goldman executive also said they see the probability of a recession in 2024 at just 15%
💡 So what: Consumer spending plays a pivotal role in the U.S. economy, serving as a major driver of economic growth. The United States relies heavily on consumer spending to stimulate demand for goods and services, which, in turn, encourages business investment and job creation. When consumers are confident and spend more, businesses thrive, leading to increased production and employment.
Friday - No Major Economic News
💸 Here are some money tips heading into the new year!
🦾 AI will reshape the future
📱 Apple works on making messaging to Android phones easier
WHAT: Apple is breaking up the texting party exclusivity! Rumor has it that they're ready to mingle with Android, adopting a messaging standard for a smoother cross-platform texting experience. The company has been pushing back on the Rich Communication Services (RCS) standard for more than a year, even as Alphabet's Google and others have pressured the iPhone maker to adopt the technology,
WHY: The company said the new technology would work alongside iMessage and offer better interoperability than SMS or MMS.
🤖 ChatGPT goes to school…
WHY: Backed by billions of dollars from Microsoft, OpenAI kicked off the generative AI craze last November by releasing its ChatGPT chatbot, which became one of the world's fastest-growing applications.
🪧 Now you can buy cars on Amazon!
WHY: The agreement is an expansion of a deal announced two years ago to expand Hyundai's digital showroom on Amazon, enabling customers to configure a vehicle, calculate the price and locate a dealer to complete the sale.
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