Good morning. US stock futures moved higher in Monday morning trading as investors awaited a batch of key earnings reports and a major policy decision from the Federal Reserve.

"It is ludicrous to believe that asset bubbles can only be recognized in hindsight"

Michael Burry

Top News

Chipmakers urge US govt to reconsider China restrictions

WHAT: Leaders of Intel, Nvidia and Qualcomm just had a heart-to-heart with officials in the Biden Administration urging them to hit the brakes before applying new restrictions on chip exports to China. During meetings held in Washington, execs from the chipmaking powerhouses warned that further export controls risk harming US leadership in the industry.

WHY: The chip industry is trying to navigate tensions between China and the US. Companies are being forced to curb shipments to their largest market by Washington which has cited national security concerns about the Asian nation acquiring certain capabilities.

EU, Venezuela explore carbon emissions deal

WHAT: Venezuela and the European Union are cooking up a plan to capture methane emissions from Venezuela’s oil facilities and turn them into a billion-dollar gas export. The project — valued at roughly $1.5 billion — would use a portion of the EU’s Global Gateway Initiatives funds to gather emissions from Venezuela’s idle wells and deteriorating infrastructure.

WHY: The plan would help Venezuela, once one of the world’s largest crude producers, reduce pollution from its state-owned oil company’s facilities, while bolstering the EU’s natural gas supplies amid Russia’s war with Ukraine.

“Barbenheimer” lifts US box office

WHAT: Looks like Barbie and Oppenheimer are the dynamic duo of the big screen! The movies — a phenomenon cheekily called “Barbenheimer” — brought out fans in droves, helping weekend box office revenue more than double from a year earlier to about $302 million.

WHY: The simultaneous releases energized cinemagoers, helping theaters turn in the best weekend since Avengers: Endgame made its debut in April 2019.

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In Other News

We’re “X” now!

WHAT: Twitter’s blue bird feathers are about to be ruffled! Elon Musk said he plans to change the company’s logo to an “X”, marking what would be the latest big change since he acquired the company for $44 billion.

WHY: Musk’s move to change Twitter’s logo to an “X” also comes as Twitter faces fresh competition from Meta’s new app Threads. It has been seen as an alternative to those upset with Twitter.

American Airlines steps up pilot pay

WHAT: American Airlines is taking flight with a lucrative offer to its pilot battalion! The company announced that it has boosted the value of their contract offer to pilots by more than $1 billion to match a more generous deal at competitor United Airlines. American said the changes bring the total value of the four-year proposed contract to $9 billion.

WHY: A shortage of pilots and increased public support for unions, have given union negotiators greater leverage in contract talks.

Pricey streams…

WHAT: Spotify is reportedly getting ready to turn up the volume on their subscription prices. According to the Wall Street Journal, the company plans to increase the price of its ad-free premium subscription plan by $1 in the US to $10.99 per month.

WHY: The price change will only affect the premium tier. Price increases in dozens of other markets will roll out in the coming months the report stated.

Key Economic Events

• Monday - No Major Economic News

• Tuesday - Conference Board Consumer Confidence

• Wednesday - FOMC Rate Decision, Fed Chair Holds Press Conference Following FOMC Meeting

• Thursday - GDP Annualized Q-o-Q

• Friday - U. Of. Mich. Sentiment

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• Before you buy a stock, look for these red flags!

• These are the do’s and don’ts of how to get a promotion at work

• Follow these 7 tips to save on healthcare costs!

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