Good morning. US stock futures fell in Friday morning trading as Wall Street headed for a losing week..

"You make most of your money in a bear market, just don’t realize it at the time"

Shelby Cullom Davis

Top News

US, India strike deals on chips, defense

WHAT: US President Joe Biden and Indian Prime Minister Narendra Modi look like they have a budding bromance blossoming as the two engaged in some serious deal-making at the White House. Both leaders agreed to a series of commercial and defense deals designed to improve ties between both nations.

WHY: The deals, which also include closer collaboration between the countries’ space program as well as efforts by the US to make visas easier for Indian workers to obtain, unfold as India seeks to increase its engagement on the global stage both diplomatically and economically.

Treasury Secretary: Recession risk greatly reduced

WHAT: Treasury Secretary Janet Yellen is basically saying “Recession? Nah!” as she sees a diminishing risk of the US economy entering a recession in 2023. According to Yellen the “odds of it, if anything have gone down” citing the resilience of the labor market and slowing inflation as signs of robustness in the US economy.

WHY: Yellen’s latest assessment of the US economy follows a May employment report that showed job gains beating all economist’s forecasts.

AI exec: Benefits of AI outweigh risks

WHAT: OpenAI CEO Sam Altman has been making the rounds extoling the virtues of all things artificial intelligence. This time, the CEO behind ChatGPT’s parent company said that though there are “many ways AI could go wrong”, the benefits of the rapidly growing technology far outweigh the risks. “I think this will be the most important step yet that humanity has to get through with technology” Altman said as he addressed a Bloomberg Technology Summit in San Francisco

WHY: The speed and power of the fast-growing AI industry has spurred governments and regulators to try to set guardrails around its development.

In Other News

Time to pay up!

 WHAT: Canada’s Senate just dropped a bomb on Google and Meta: both tech titans will now be required to pay media outlets for news content that they share or otherwise repurpose on their platforms.

WHY: The Online News Act requires both companies to enter into agreements with news publishers to pay them for news content that appears on their sites if it helps the tech giants generate money.

Battle of the billionaires

WHAT: In what can only be described as a bizarre unfolding of events, social media tycoons Elon Musk and Mark Zuckerberg have been sending jabs back and forth at each other over the possibility of engaging in a mixed martial arts cage match in Las Vegas.

WHY: The odds that such a fight will really take place appear slim. Musk, in recent months has stepped up criticism of Zuckerberg and his companies and has mocked reported plans by Meta for a platform to rival Twitter.

Banking error!

WHAT: Whoopsie-daisy! JPMorgan Chase and Co. is about to break open their piggy bank and fork over a whopping $4 million fine to the Securities and Exchange Commission for accidentally hitting the “delete” button on millions of electronic records leaving communication unavailable to regulators in a dozen investigations.

WHY: In 2021, the bank paid $125 million to the SEC and $75 million to the Commodity Futures Trading Commission to settle allegations that the firm broke rules by not saving business communication on platforms like WhatsApp. Brokerages like JPMorgan Securities are required to retain records of business communications sent and received for at least three years the SEC said.

Key Economic Events

•  Friday - No Major Economic News

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