🥊 TikTok Throws Punch In Battle Against...?

Good morning. US stock futures ticked higher in Wednesday morning trading as investors continued to digest the latest batch of corporate earnings.

🎵 TikTok fights back against potential sale

📝 Our report: Looks like TikTok and its parent company ByteDance are bringing out the legal big guns – they're suing in US federal court to block President Biden's move to either kick them out or force them to sell the app. The companies filed their lawsuit in the U.S. Court of Appeals for the District of Columbia Circuit, arguing that the law violates the U.S. Constitution on a number of grounds including running afoul of First Amendment free speech protections.

 🔑 Key points:

• The law, signed by Biden on April 24, gives ByteDance until Jan. 19 to sell TikTok or face a ban. The White House has said it wants to see Chinese-based ownership ended on national security grounds but not a ban on TikTok.

• The lawsuit said the divestiture "is simply not possible: not commercially, not technologically, not legally. ... There is no question: the Act (law) will force a shutdown of TikTok by January 19, 2025, silencing the 170 million Americans who use the platform to communicate in ways that cannot be replicated elsewhere."

• The lawsuit is the latest move by TikTok to keep ahead of efforts to shut it down in the United States as companies such as Snap and Meta look to capitalize on TikTok's political uncertainty to take away advertising dollars from their rival.

💡 So what: TikTok's resistance against a forced sale in the US suggests a willingness to engage in prolonged legal battles and maintain competition within the social media landscape. This stance impacts diplomatic relations between the US and China and sets a precedent for regulatory actions against foreign-owned tech companies. It also reflects broader geopolitical dynamics and may resonate with TikTok's user base, influencing user loyalty and engagement.

Wednesday - Boston Fed President Susan Collins Speaks

Thursday - Initial Jobless Claims (wk end May 3)

Friday - Chicago Fed President Austan Goolsbee Speaks

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🍫 Italian chocolate factory comes to US

WHAT: Ferrero Group is making a bold move in North America – they're opening their very first chocolate processing facility in the US. The company is producing chocolate for some of its brands including Butterfinger, Crunch and Kinder at a 70,000-square-foot expansion to its Bloomington, Illinois, campus, it said in a release.

WHY: The move comes as cocoa futures surged to an all-time high last month, with a supply shortfall prompting prices to more than double in three months.

🤖 OpenAI considers entering search business

WHAT: OpenAI's cooking up something spicy for ChatGPT – they're working on a feature that'll let it search the web and even cite sources in its answers. OpenAI rolling out such a feature would put it squarely on a collision course with internet search giant Google.

WHY: OpenAI is under immense pressure to expand the capabilities of its most well-known product as a growing list of rivals are pushing out chatbots — and search has proven to be a key area of interest for the AI industry.

💰 Digital bank fined over refund delays

WHAT: Digital bank Chime's got a slap on the wrist from the US Consumer Financial Protection Bureau – they'll be shelling out $3.25 million for dragging their feet on refunds to customers who closed their accounts. In a statement about Chime's penalty, CFPB Director Rohit Chopra said that “fast-growing financial firms must treat their customers fairly and understand that federal law is not a suggestion.”

WHY: The CFPB found that thousands of Chime customers had to wait weeks or even months for refunds after closing their accounts with the company, even though Chime's policy promised refunds within 14 days. That delay "deprived consumers of needed funds to meet their responsibilities," the CFPB said.

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