Good morning. US stock futures fell in Friday morning trading as investors digested the latest round of corporate earnings releases.

"In any diversified portfolio there will be winners and losers and the consideration that should determine what you sell should not be the price you bought it at"

Dan Kahneman

Top News

US GDP growth cools in first quarter 

WHAT: The US economy might be hitting a bit of a speed bump. According to the latest economic data released by the US Commerce Department, US GDP rose at an annualized rate of 1.1% for the first quarter of 2023, much lower than the 2% expectation of economists.   

WHY: Stubborn inflation and interest rate hikes are seen as major factors contributing to the economic slowdown which analysts and economists expect to continue as the year progresses.  

EU lawmakers reach deal on AI Act  

WHAT: Hold on to your chatbots folks! European Union lawmakers are making history with their new Artificial Intelligence Act. The EU's legislation is set to be the world's first comprehensive set of laws to govern AI.   

WHY: Under the proposals, AI tools will be classified according to their perceived risk levels: from minimal through to limited, to high and unacceptable. Additionally, companies deploying generative AI tools like ChatGPT, or image generator MidJourney, will have to disclose whether copyrighted material was used to develop their systems.      

Mastercard under DOJ scrutiny over debit practices 

WHAT: Mastercard is in some hot water with the US Department of Justice (DOJ). They're being investigated for anti-competitive practices linked to their debit-card business, a signal that the DOJ has widened a probe that initially started with rival Visa.

WHY: Mastercard said it received a civil investigative demand from the department seeking documents regarding a potential violation of certain sections of the Sherman Act, a sweeping law meant to protect competition.      

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In Other News

Coinbase to regulators: We didn't break any laws 

WHAT: Cryptocurrency exchange Coinbase seems to be down for a confrontation with the US Securities and Exchange Commission. In a formal response to a legal threat from the SEC, the company said it did not break any laws in carrying out its operations.    

WHY: The SEC has increasingly sought to tackle what it considers a lack of compliance among crypto firms and intermediaries.      

Federal court tosses Facebook antitrust lawsuit 

WHAT: Facebook has dodged a legal bullet once again. A group of states that sued to break up the social media giant had their case tossed out by a Federal judge for filing their challenge too late and failure to make a compelling argument that the company's data policies were stifling competition.     

WHY: The states' original complaint had sought to unwind Meta's past acquisitions of Instagram and WhatsApp, accusing the company of a "buy-or-bury" approach that violated antitrust laws.       

R.I.P Vice News Tonight 

WHAT: And just like that, another media program bites the dust. Vice Media Group said it was canceling popular TV program "Vice News Tonight" as part of a broader restructuring effort that would result in job cuts across the digital media firm's global news business.    

WHY: Vice Media Group joins several other media and tech firms that have had to downsize in recent months due to a challenging economy and weak advertising market.     

Key Economic Events

• Friday - U. Of. Mich. Consumer Sentiment, Baker Hughes Rig Count

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