Good morning. US stock futures were mostly flat in Friday morning trading as investors looked ahead to the release of more economic data.

"Mostly they (economists) are employed in the financial sector for their entertainment value rather than their advice"

John Kay

Top News

US stock markets continue sharp rebound

WHAT: There seems to be no limit to how high US stock markets can go lately! Both the S&P 500 and Nasdaq surged to their highest levels in 14 months, buoyed by strong economic data and anticipation that the Federal Reserve is nearing the end of its aggressive interest rate hiking campaign.

WHY: The rise in US equity markets and an economy that shows signs of resilience have led many analysts and speculators to question whether an anticipated recession is now a thing of the past.

ECB hikes interest rates, signals more to come

WHAT: The European Central Bank (ECB) has decided to crank up those interest rates once again, adding another quarter point increase to the mix. President of the ECB Christine Lagarde also described a further rate hike in July as “very likely” as she delivered remarks after the announcement. The ECB’s deposit rate now stands at 3.5% — the highest level in more than two decades.

WHY: The ECB’s decisions were underpinned by fresh quarterly projections suggesting inflation will moderate more slowly than previously envisaged, to 2.2% in 2025.

Amazon debuts HQ2

WHAT: Amazon has just unleashed the first phase of its new headquarters, dubbed “HQ2”, in Virginia. The company recently cut the ribbon on two dazzling office towers packed with amenities that it hopes will make employees jump for joy and ditch their work-from-home setups.

WHY: In February, Amazon said it would require all its workers to return to the office at least three days a week, prompting 30,000 workers to sign a petition asking the company to reconsider.

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In Other News

Event, hosting companies agree to price transparency

WHAT: In a surprising twist of events, Ticketmaster, Airbnb and fellow companies have agreed to give consumers the ultimate treat: upfront, all-in pricing. The White House made the announcement after hosting a meeting about cracking down on pesky “junk fees”.

WHY: US President Joe Biden has called on Congress to pass legislation that mandates all-in, upfront pricing for all ticket sellers, bans surprise resort fees charged by hotels and bans family seating fees on airlines.

Cruising around…listening to ChatGPT?

WHAT: Buckle up folks, and get ready to experience the futuristic fusion of brains and wheels! Mercedes-Benz has come up with a brilliant plan to let US drivers power their luxury vehicles with ChatGPT. Some 900,000 vehicle owners will be able to download ChatGPT over the air as part of a three-month test program for the technology.

WHY: In a press release the German automaker said drivers will not only be able to utter commands via the phrase “Hey Mercedes”, but they will also be able to hold conversations with their cars.

Weed killer manufacturer settles with NYC

WHAT: Bayer, the big shot pharmaceutical and biotech company just got hit with a hefty bill for their weed killer mishaps. New York’s attorney general Letitia James levied a $6.9 million fine on the company for spreading false and misleading claims about the safety of their weed killer Roundup.

WHY: The millions of dollars that Bayer will pay to New York attorney general’s office will go towards remedying the impacts of environmental toxins or pollution on pollinating insects or aquatic species.

Key Economic Events

• Friday - U. Of. Mich. Sentiment

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