💼 Who's Lobbying For A Shorter Work Week?

Good morning. US stock futures traded mixed in Monday morning trading as Wall Street awaits guidance on monetary policy from the Federal Reserve.

🧑🏾‍🏭 US Senator proposes shorter work week 

📝 Our report: U.S Senator Bernie Sanders, known for his knack for shaking things up, unveiled a bill that's got the corporate world glancing at their watches with a touch of anxiety. His proposal? To chop the regular workweek down to a cool 32 hours before the big O-word - overtime - starts knocking on the door.  

 🔑 Key points:

• The bill Sanders introduced in the Senate would reduce the standard workweek from 40 hours to 32 hours. Employers would be prohibited from reducing their workers' pay and benefits to match their lost hours.

• Given advances in automation, robotics and artificial intelligence, Sanders says U.S. companies can afford to give employees more time off without cutting their pay and benefits.

• Critics say a mandated shorter week would force many companies to hire additional workers or lose productivity

💡 So what: A shift to a four-day workweek could have several implications. On the positive side, it may lead to increased productivity and job satisfaction among workers, as they have more time for rest and personal activities, potentially reducing burnout and stress levels. Additionally, it could promote a better work-life balance, attracting and retaining talent in the workforce. However, there are potential challenges as well, such as the need for businesses to adjust their operations and schedules, potential impacts on customer service and workflow, and the need to ensure that employees are still able to meet deadlines and deliverables within the compressed timeframe.

Monday - No Major Economic News

Tuesday - No Major Economic News

Wednesday - FOMC Rate Decision, Fed Chair Powell Press Conference

Thursday - US Leading Economic Indicators

Friday - Atlanta Fed President Raphael Bostic Speaks

 📈 Everything you need to know about contrarian investing

💰 Trouble financing your mortgage? Here’s what you should do

🤖 Apple, Google discuss chatbot partnership

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🚀 Rocket company building…spy satellites?

WHAT: Word on the cosmic grapevine reveals that SpaceX is cooking up something intergalactically sneaky: a network of hundreds of spy satellites! The network is being built by SpaceX's Starshield business unit under a $1.8 billion contract signed in 2021 with the National Reconnaissance Office (NRO), an intelligence agency that manages spy satellites, the sources said.

WHY: The Pentagon is already a big SpaceX customer, using its Falcon 9 rockets to launch military payloads into space. Starshield's first prototype satellite, launched in 2020, was part of a separate, roughly $200 million contract that helped position SpaceX for the subsequent $1.8 billion award, one of the sources said.

🗠 Reddit IPO draws heavy interest

WHAT: According to sources familiar with the matter, Reddit's initial public offering is currently seeing demand that's "four to five times" greater than expected, reported Reuters. At current levels, the company is expected to hit the market at a $6.5 billion valuation.

WHY: Reddit has already curbed its valuation expectations after it was valued in a $10 billion private fundraising round in 2021. The company's IPO is currently seeking to raise as much as $748 million.

📱 Meta under investigation over narcotics sales

WHAT: U.S. prosecutors in Virginia are delving into the possibility that Meta's social media playgrounds might have inadvertently turned into bustling marketplaces for, well, not exactly the kind of goods you'd find at your local grocery store. According to the Wall Street Journal, they're curious if these platforms played a part in the shady world of illegal drug sales, possibly even making a buck or two off the hustle.

WHY: Meta's president of global affairs, Nick Clegg, said on social media platform X that Meta had joined up with the U.S. State Department, the United Nations Office on Drugs and Crime and Snapchat to help disrupt the sale of synthetic drugs online and educate users about the associated risks.

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