Good morning. US stock futures slipped in Tuesday morning trading as investors awaited news coming out of a key debt ceiling meeting between US President Joe Biden and House Speaker Kevin McCarthy.

"Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas"

Paul Samuelson

Top News

US Treasury says all bets off after June 1

WHAT: The US Treasury is sounding the alarm and putting everyone on notice that they can only juggle the government's bills until June 1 without a debt limit increase.

WHY: Treasury Secretary Janet Yellen, in her third letter to Congress in three weeks, said it was "highly likely" the agency would not be able to meet its government payment obligations by early June if the $31.4 trillion ceiling was not raised, adding that such actions would trigger the first ever US default.

Fed Survey: Inflation rips household financial security

WHAT: The Federal Reserve had some not-so-pleasant news to report about the state of US households as it recently published the results of one of its annual surveys. According to the Fed, the inflation wave that hit the US led many households to reduce their savings to make ends meet, delay purchases and generally feel insecure about retirement.

WHY: The share of respondents saying they were worse off also shot up 15 points to 35%, the highest level since the Fed launched the "Survey of Household Economics and DecisionMaking" in 2013.

TikTok fights back

WHAT: TikTok is ready for a legal tango! The popular video sharing app announced that it filed a lawsuit against the state of Montano after it sought to implement a statewide ban on the app.

WHY: "We are challenging Montana's unconstitutional TikTok ban to protect our business and the hundreds of thousands of TikTok users in Montana" a TikTok spokesperson said.

In Other News

Disney rubbishes miniparks discussion

 WHAT: In a move that might have shattered the dreams of Disney fanatics across the US, Walt Disney Co. dismissed the idea of building miniparks in different states, saying instead the company remains focused on its major theme parks and cruise ship lines of business.

WHY: An ongoing legal dispute between Disney and Florida Governor Ron DeSantis has recently led some other US states to express interest in possible investments in miniparks from the House of Mickey Mouse.

"We're open to a sale..."

WHAT: Hold on to your seatbelts folks, because it seems like Lyft's CEO David Risher has opened up the possibility of putting the "for sale" sign on the popular rideshare company. Risher recently stated that the company is "open" to the possibility of selling itself.

WHY: Lyft, long considered second fiddle to rival Uber, has struggled to get its margins under control and retain market share over the last few years.

Another day, another Meta fine...

WHAT: Facebook-owner Meta Platforms just go smacked with a 1.2 billion euro ($1.3 billion) privacy fine by the European Union over allegations that the social media giant shipped users' data to the US in a manner that didn't address the "risks to the fundamental rights and freedoms" of people whose data was being transferred.

WHY: On top of the fine, Meta was given five months to "suspend any transfer of personal data to the US" and six months to stop the "unlawful processing, including storage, in the US" of transferred personal EU data.

Key Economic Events

• Tuesday - Fed's Logan Gives Welcoming Remarks

• Wednesday - FOMC Meeting Minutes

• Thursday - US GDP Annualized Q-o-Q

• Friday - No Major Economic News

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