Good morning. US stock futures moved lower in Thursday morning trading as investors digested the recent rally in stocks.

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Top News

Biden vetoes plan to overturn student debt relief program

WHAT: US President Joe Biden is digging his heels in for a fight over student loan forgiveness. In a show of solidarity with the indebted, Biden vetoed a measure that would have overturned his student debt relief plan, leaving the fate of the program in the hands of the Supreme Court.

WHY: Student loan payments were paused at the beginning of the Covid-19 pandemic. They are scheduled to resume in August for anyone who’s debt is not wiped out by Biden’s plan.

UK drops hammer on crypto ads

WHAT: The United Kingdom’s Financial Conduct Authority (FCA) is taking a tough stance on crypto ads. Under new rules, crypto firms will have to carry warning signs such as: “Don’t invest unless you’re prepared to lose all the money you invest. This is a high risk investment and you should not expect to be protected if something goes wrong.”

WHY: The new crypto rules come as Britain plans to regulate crypto assets under a new financial services law this year.

“Those are bully tactics…”

WHAT: Canada’s Prime Minister Justin Trudeau has some strong words for tech giants Google and Meta: he’s accusing them of using “bullying tactics” against a Canadian push aimed at ensuring financial support for news publishers. “The fact that these internet giants would rather cut off Canadians’ access to local news than pay their fair share is a real problem. They’re now resorting to bullying tactics to try and get their way” Trudeau said as he spoke to reporters in Ottawa.

WHY: Canada’s media industry wants tighter regulation of tech companies to prevent them from elbowing news businesses out of the online advertising market.

In Other News

Ads coming to Amazon?

 WHAT: Streaming might be fun, but it sure ain’t cheap! Just ask Amazon who, according to reports from the Wall Street Journal, is planning to launch an ad-supported service to compliment its current Prime streaming plans.

WHY: Amazon would join the ranks of Netflix and Disney with an ad-supported tier as streaming companies race to make their business model more profitable.

US Senators go after TikTok…again

WHAT: Feels like Groundhog Day when US senators wake up and choose violence against TikTok! This time, two senators are accusing the social media giant of “misleading and inaccurate” responses about how it stores and provides access to US data after reports surfaced about how the Chinese-owned company handles sensitive information.

WHY: The popular social media app has been under scrutiny from western governments who’ve been wary of the company’s Chinese ownership and have prohibited its use on government issued devices.

Coinbase CEO: “We’ll resolve this”

WHAT: Coinbase CEO Brian Armstrong is taking a “stoic” position even as his company has the US Securities and Exchange Commission breathing down its back. “It’s business as usual” Armstrong said, adding that the lawsuit will “get resolved” as he delivered remarks at a Piper Sandler event.

WHY: The SEC in its lawsuit alleges that Coinbase, the largest crypto exchange in the US, violated securities laws by acting as an exchange, a broker and a clearing agency without registering with the agency.

Key Economic Events

• Thursday - Initial Jobless Claims

• Friday - No Major Economic News

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