Good morning. US stock futures dipped in Friday morning trading as interest rate hikes and recession fears put a damper on market sentiment.

"Above all else the stock market is people. The main challenge lies in disentangling ourselves from our emotions"

Bernard Baruch

Top News

US at the limit!

• Treasury Secretary Janet Yellen informed Congress that the US had hit its debt limit, and had started implementing "extraordinary measures" to help the government continue meeting its financial obligations.

• Currently the US can only borrow up to $31.4 trillion, a figure it must now raise in order for the government to continue paying its bills.

Fed officials: Rate hikes still necessary

• Two prominent Federal Reserve officials maintained their position that raising interest rates was still necessary to curb inflation despite indications of a decrease at it still remains too high.

• Vice Chair Lael Brainard and President of the New York Fed John Williams, speaking at separate events, echoed sentiments that policy needed to remain "restrictive" to get inflation back within the Fed's target range of 2%.

FTX CEO: "Viable business" could resume

• John Jay Ray III, CEO of FTX said he is willing to restart the bankrupt exchange if it means that customers and other creditors can receive their money back.

• Sullivan and Cromwell, the law firm representing FTX, told a federal bankruptcy court that the restructuring team was working to sell $4.6 billion in non-strategic illiquid investments.

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In Other News

Data breach

• T-Mobile reported that a cyber attacker obtain information for 37 million customer accounts, though the data breach did not include payment information, passwords, and other sensitive data.

• The wireless provider stated in a federal filing it discovered the hack on Jan. 5, but was able to trace the source and stop it within a day.

Advertisers give Twitter the boot

• According to research firm Pathmatics, major advertisers on Twitter significantly reduced their spending following Elon Musk's takeover.

• Fourteen of the top 30 advertisers stopped all advertising on the platform, with four reducing spending between 92% and 98% from the week before Musk's acquisition through the end of the year Pathmatics estimated.

TikTok told: "Comply or leave"

• The head of the EU's internal market warned TikTok's CEO that the social media company could be prohibited from operating in the European Union if it does not improve its adherence to EU law by September.

• The short video app, owned by Chinese firm ByteDance has for the last three years worked to counter concerns about whether users personal data can be accessed by the Chinese government.

Key Economic Events

• Friday - Fed's Waller Speaks On Foreign Relations

Notable Briefs

• Everything you need to know about the US debt limit!

• What makes someone a high net-worth individual?

• Are ETFs right for you?

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