Good morning. US stock futures fell in Wednesday morning trading as investors digested new of sustained production cuts in the oil market.

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Top News

Saudis, Russia extend oil output cuts

WHAT: Saudi Arabia and Russia just pulled an “Encore” move in the oil world. They’re extending their voluntary output cuts all the way to the end of the year despite a rally in the oil market and analyst expectations of tight supply in the fourth quarter.

WHY: The US and Western allies have urged OPEC+ to raise output to secure lower energy costs and help the global economy. OPEC+ producers argue they are acting to maintain stability and being preemptive.

Trump era tariffs to stay in place

WHAT: The Biden Administration won’t be tweaking those Trump-era tariffs on China until the US Trade Representative completes its ongoing review says US Commerce Secretary Gina Raimondo. In an interview on CNBC, Raimondo added: “China’s practice of subsidizing their businesses have hurt US workers, so we need a level playing field”

WHY: Trump imposed tariffs in 2018 and 2019 on thousands of imports from China valued at some $370 billion at the time.

FTC gearing up to take on Amazon

WHAT: Looks like Amazon is about to do a legal tango with the Federal Trade Commission (FTC). According to reports from the Wall Street Journal, the FTC may file a lawsuit later this month against Amazon after the company did not offer concessions to settle antitrust claims.

WHY: The lawsuit is expected to tackle the company’s logistics program, Fulfillment by Amazon, pricing on its website by third-party sellers, and will suggest “structural remedies” that could break up the company.

In Other News

AI market worth $600 billion

WHAT: Nvidia exec Manuvir Das just dropped some artificial intelligence (AI) market stats that are larger than life! According to Das, AI is currently fueling a $600 billion market opportunity tied to what Nvidia is calling “accelerated computing” “It’s not just the chips, it’s the entire stack” Das said, as he delivered remarks at a Goldman Sachs conference.

WHY: Das added the total addressable market for AI will consist of $300 billion in chips and systems, $150 billion in generative AI software, and $150 billion in omniverse enterprise software.

Bye bye Facebook News

WHAT: Meta Platforms has some news of its own to share — they’re saying “au revoir” to the Facebook News feature in the UK, France and Germany. Users will still be able to view links to articles, and European news publishers will continue to have access to their Facebook account and pages after the change is implemented in December.

WHY: Meta has started blocking news on its Facebook and Instagram platforms for all users in Canada in response to a new law requiring internet giants to pay news publishers.

Airbag recall

WHAT: Car parts manufacturer ARC Automotive has found itself in a standoff with the US government. The government has taken a step towards forcing the company to recall 52 million airbag inflators that could explode, hurl shrapnel, and injure or kill people.

WHY: Though ARC is resisting a full-scale recall, automakers have conducted seven smaller recalls of inflators since 2017 that were attributed to isolated manufacturing problems.

Key Economic Events

• Wednesday - Fed’s Beige Book, Fed’s Logan Speaks

• Thursday - Fed’s Williams Speaks, Fed’s Bowman Speaks

• Friday - Baker Hughes Oil Rig Count, Fed’s Barr Speaks

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