Good morning. US stock futures inched higher in Wednesday morning trading as investors digested US jobs data and monitored bond yields.

"In many ways the stock market is like the weather in that, if you don’t like the current conditions, all you have to do is wait a while"

Lou Simpson

Top News

US Treasury Secretary: United States too dependent on China

WHAT: United States Treasury Secretary Janet Yellen is giving the US a little supply chain reality check! Speaking at a Fortune CEO event in Washington, Yellen said the US had become overly dependent on China for critical supply chains, particularly in clean energy products, and needed to broaden out sources of supply.

WHY: The US and China’s relationship has been teetering recently, as the countries battle over restrictions in semiconductors, the US’ involvement in Taiwan, and diplomatic relations over trade and exports.

EU lawmakers back tough content laws against Big Tech

WHAT: European Union (EU) lawmakers are giving the side eye to Big Tech companies over content moderation. Lawmakers recently voted on draft rules targeting Alphabet’s Google, Meta Platforms and other large online platforms content moderation restrictions after some media outlets complained about arbitrary decisions removing their content.

WHY: The draft rules require online platforms to carry news content for 24 hours before taking it down if it breaches their content moderation rules.

SEC moves forward with Coinbase lawsuit

WHAT: It’s getting spicy in the crypto legal arena again! The US Securities and Exchange Commission is pushing ahead with its litigation against Coinbase — the largest cryptocurrency exchange in the US — a move likely to set a precedent between how crypto firms and legislators engage in the future.

WHY: In June, the SEC alleged that for years Coinbase evaded its rules by illegally operating an unregistered exchange, brokerage and clearing agency.

In Other News

Meta explores ad-free payment tier for EU users

WHAT: Meta Platforms is cooking up an option for an ad-free experience on Facebook and Instagram in Europe as a way to comply with the continent’s strict data privacy rules, according to reports from the Wall Street Journal. The report said the company is considering charging 10 euros ($10.50 per month) to use Instagram or Facebook without ads on desktop browsers.

WHY: The European Union’s top court said in July that Meta must first get consent before showing ads to users — a ruling that jeopardizes the company’s ability to make money by tailoring advertisements for individual users based on their online interest and digital activity.

Those Netflix prices are about to go up…

WHAT: Netflix pricing drama is about to get a sequel! According to reports from the Wall Street Journal, the streaming giant is planning to raise the price of its ad-free service after the ongoing Hollywood actors’ strike ends.

WHY: Talks between SAG-AFTRA actors’ union and the Alliance of Motion Picture and Television Producers (AMPTP), which represents the studios, remain ongoing.

McDonald’s, Wendy’s false advertising case tossed

WHAT: The burger battle in court has been flipped! A federal judge in New York dismissed a lawsuit that accused McDonald’s and Wendy’s of misleading consumers with ads that show bigger, juicier burgers than their restaurants actually serve. The judgement by US District Judge Hector Gonzalez said the images on the companies’ website show the weight of the meat and calories each burger contains.

WHY: Lawsuits accusing food and beverage companies of misleading customers — for putting fewer chips than expected in a bag, or advertising artificial flavors as “real” — have grown more common in recent years.

Key Economic Events

• Wednesday - No Major Economic News

• Thursday - Initial Jobless Claims (wk end Sept 29)

• Friday - U.S. Unemployment Rate, U.S. Consumer Credit

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