Good morning. US stock futures moved higher in Wednesday morning trading as the corporate earnings season rolled on.

"A lot of people with high IQs are terrible investors because they've got terrible temperaments. You need to keep raw, irrational emotions under control"

Charlie Munger

Top News

US lawmakers mull decision over TikTok

• US lawmakers continue to mull over their approach to short form video sharing platform TikTok even after banning the app from government devices in 2022.

• In Washington, legislation is already on the table to ban TikTok entirely in the US, with Senators raising concerns over data gathered on Americans being accessible to the Chinese government.

Fed drills big banks on climate change disclosures

• The Federal Reserve has asked the six biggest US banks to show how climate change could affect their business, placing a July deadline on reporting by the banks.

• The banks are being asked to show how bad weather events like floods, wildfires, hurricanes, heatwaves and droughts could affect their lending practices and commercial real estate holdings.

FTX coughs up $5 billion

• Collapsed cryptocurrency exchange FTX announced that it had identified $5.5 billion in liquid assets, but warned that there is still a substantial shortfall in the funds needed to pay back customers.

• According to the restructuring team's most recent court filings, the $5.5 billion includes $1.7 billion in cash, $3.5 billion in crypto assets, and $0.3 billion of securities.

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In Other News

Robinhood is now a...media company?

• Robinhood, the popular retail trading platform, is launching an independent media brand called Sherwood.

• According to the company, Sherwood will focus on original reporting and analysis across newsletters, social media, and its own website and events, with plans to explore video and podcasts.

Protect kids online or else...

• Tech executives could face the possibility of jail time under a proposal in the UK that seeks to protect kids online safety.

• The legislation aims to make the internet safer for kids by enforcing age verification requirements and putting more responsibility on tech platforms to shield minors from harmful content.

Not so self-driving...

• A 2016 video that Tesla used to promote its self-driving technology was staged to show certain capabilities that the system did not have according to the testimony of a senior engineer.

• The US Justice Department began a criminal investigation into Tesla's claims that its electric vehicles could drive themselves in 2021, after a number of crashes involving the company's Autopilot software.

Key Economic Events

• Wednesday - Federal Reserve Releases Beige Book, Fed's Logan Gives Speech In Austin

• Thursday - ECB's Lagarde Speaks At WEF, Fed's Collins Speaks At Housing Conference

• Friday - Fed's Waller Speaks On Foreign Relations

Notable Briefs

• Here's how you can avoid fees on your checking account!

• How does generational earnings stack up?

• These are the best jobs for 2023!

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