Good morning. US stock futures rose in Friday morning trading as investors awaited new inflation data.

"Every side of a coin has another side"

Myron Scholes

Top News

US economy keeps chugging along

WHAT: The US economy keeps leaving its doubters in the dust! According to the Bureau of Economic Analysis, US second quarter GDP grew at an annualized rate of 2.4%, significantly higher than the 1.8% estimate recorded by economists surveyed by Bloomberg.

WHY: The current economic data is painting a picture of a US economy that is more robust than many expected at the start of 2023.

Fuel efficiency standards are about to get tighter

WHAT: US President Joe Biden is revving up the race towards a greener future. Biden is expected to soon announce new proposal ordering automakers to increase the average fuel economy of their vehicles. The previous proposal ordered automakers to increase their average fuel economy to about 49 miles per gallon by 2026.

WHY: The move comes as gasoline prices have risen in the US, along with the Biden Administration pushing for half of all vehicles sold to be electric or emission-free by the end of the decade.

Big banks need to keep more capital on the books

WHAT: The Federal Reserve and Federal Deposit Insurance Corporation (FDIC) have come up with a new plan to keep the largest banks in the US safe and sound. Under the new proposal banks will be required to keep tens of billions of dollars of additional capital on their balance sheets to better withstand risks to their businesses that go beyond a recession or financial crisis.

WHY: The proposal takes aim at those banks with between $100 billion and $250 billion in assets which have been among the most impacted by the banking panic that started in March this year.

This Mark Cuban-backed VR Company Is Changing The Game For Investors!

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The clock is ticking on this limited time opportunity.

Become a part of the gaming revolution and invest in Virtuix before this opportunity ends on 8/10.

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*Thanks to our sponsors for keeping this newsletter free

In Other News

American Airlines pilots level up with the competition

WHAT: The pilots at American Airlines are flying high with a new deal that’s got some serious thrust! The airline’s pilot union has scored an “agreement in principle” with the company that will allow an adjustment in pay rates for pilots to match wages of their counterparts at United and Delta Airlines.

WHY: Airline unions negotiate their contracts in a pattern bargaining process, where a deal at one carrier acts as a benchmark for other companies.

Order food faster with…AI?

WHAT: DoorDash, the US food delivery service, might be cooking up a special recipe that’s the closest thing to a personal food genie! The company said it’s working on a system called DashAI to speed up ordering and help customers find food options with an artificial intelligence-based chatbot.

WHY: DoorDash is joining an AI frenzy fueled by last years debut of OpenAI’s ChatGPT. Since then, other big tech companies have pushed further into the world of artificial intelligence.

Meta plans “retention hooks” to keep Threads momentum

WHAT: Meta Platforms Twitter-challenger Threads has had a wild ride since its launch. According to company CEO Mark Zuckerberg, the app has seen a sharp fall off in users, but the company is keenly focused on boosting retention to entice users to return to the app Zuckerberg said, as he delivered remarks at a Meta townhall meeting.

WHY: Retention of users on the text-based app was better than initially expected Zuckerberg pointed out, while admitting that some drop off of users was baked in to expectations as the company focused on adding new features to the app like a desktop version and search functionality.

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