Good morning. US stock futures were slightly higher in Friday morning trading as investors looked ahead to Big Tech earnings in the following week.

"I don’t look to jump over seven-foot bars, I look for one-foot bars that I can step over"

Warren Buffett

Top News

Biden assembles team to prevent debt limit brinksmanship

WHAT: US President Joe Biden is on a mission to zap debt limit dramas! According to a statement from the White House, Biden has asked a group of aides — including Director of the National Economic Council Lael Brainard, and White House counsel Stuart Delery — to explore all “legal and policy options” to prevent another debt limit stand off.

WHY: Last month, Biden signed a bipartisan deal after intense negotiations with House Speaker Kevin McCarthy that narrowly averted a crisis that threatened to send the US into an unprecedented default.

US official: China AV tech cause for concern

WHAT: US Transportation Secretary Pete Buttigieg is talking tough on Chinese autonomous vehicles (AVs) in the US market. Buttigieg said his agency has some “national security concerns”, after lawmakers called for restrictions on their operations. According to Buttigieg, technology used by Chinese AVs could be used to collect data on Americans and shared back to China and ultimately the Communist Party.

WHY: In a letter to Buttigieg and Secretary of Commerce Gina Raimondo earlier this month, a bipartisan group of lawmakers asked for an investigation into the prevalence of Chinese AV technology in the US and how it can be restricted.

Palm-paying magic from Amazon to go nationwide

WHAT: Amazon’s palm-reading checkout is spreading its high-five magic! Called Amazon One, the palm-scanning payment technology will be rolled out to all Whole Foods stores across the US by the end of the year according to an announcement from the online retail giant. The biometric payment system works by having the customer hover their palm over a reader device.

WHY: Amazon One is already available in 200+ stores in states like California, New York and Texas. The expansion will bring it to over 500 shops.

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In Other News

Google to the rescue for journalists?

WHAT: Extra! Extra! Google’s latest scoop is that they’re in the early stages of developing artificial intelligence tools to help journalists write stories and headlines. According to a report from the New York Times, leaders at the Washington Post, News Corp, The Wall Street Journal, and the Times itself have been briefed on the tools Google is working on.

WHY: A debate over how to apply the latest AI writing tools overlaps with concerns from news organizations and other professions about whether technology companies are fairly compensating them to use their published works to improve AI systems known as large language models.

Bankman-Fried sued by FTX

WHAT: Bankrupt FTX Trading is going all out to get back their cash and unwind more than $1 billion in questionable transactions as part of a lawsuit filed against company founder Sam Bankman-Fried and his top lieutenants. The suit alleges that Bankman-Fried and three members of his executive team were involved in various fraudulent transfers that benefited them personally but not the company.

WHY: The complaint is the latest filed by FTX to recover money the company says was wrongly transferred off the platform by Bankman-Fried and his closest allies at FTX.

Walmart bats for those on government aid

WHAT: Walmart’s got a sweet deal on deck for workers on government assistance! They’re slashing the price of their online subscription service in half to support those on government aid. Walmart said their Walmart+ service will now cost $49 a year — down from $98 annually — for those on Medicaid, Social Security, the Supplemental Nutrition Assistance Program (SNAP) and other programs.

WHY: Walmart’s move comes as low-income shoppers are feeling more financially squeezed as a number of pandemic-era benefits have been rolled back this year. Adding to the pressure has been stubbornly high inflation on food and other necessities.

Key Economic Events

• Friday - No Major Economic News

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