Good morning. US stock futures rose slightly in Thursday morning trading as the US House passed a debt ceiling bill in a crucial step to avoid a US default.

"The most important quality for an investor is temperament, not intellect"

Warren Buffett

Top News

Fed survey: Same ole, same ole in the US

WHAT: The US economy seems stuck in neutral gear according to a recently released Federal Reserve report. The report noted that with job growth slowing, and prices taking a breather, economic conditions appeared to be tightening across the economy.

WHY: In May, Fed policymakers increased the benchmark short term interest rate a 10th straight time, taking it to a range of 5%-5.25%, signaling they were near or possibly at the end of a rate hike campaign that began in early 2022.

Debt ceiling billed passed in House, headed to Senate

WHAT: In a race against a ticking clock, the US House voted to pass a bill that would lift the debt ceiling for over two years. Now, the Senate has a nail-biting deadline to follow suit before the US government runs out of cash to meet its financial obligations.

WHY: The centerpiece of the legislation negotiated by McCarthy and Biden is a cap on federal spending. It would hold spending flat for 2024, and impose new limits for 2025 without touching Social Security or Medicare, while boosting military spending by 3%

Apple keeps the cash registers ringing!

WHAT: Hold on to your iPhones folks! According to a report by Analysis Group, the Apple App store has been making it rain with a whopping $1.1 trillion in sales in 2022. The report also found that App store sales have skyrocketed 116% since 2019, when the marketplace facilitated $519 billion in sales.

WHY: Apple has recently come under intense scrutiny over its App store practices around the world. The company currently collects between 30% and 15% commission on app purchases, in-app purchases, and in-app subscriptions.

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In Other News

No news for Cali if…

WHAT: Meta Platforms has just thrown down the gauntlet! If California insists on making tech companies pay for news content, Meta said it is prepared to hit the “unfriend” button and ditch news altogether in its home state.

WHY: The proposed California Journalism Preservation Act would require online platform companies to pay a “journalism usage fee” to news providers whose work appears on their services, aimed at reversing a decline in the news sector.

Ring’s bell gets rung…by the FTC

WHAT: Looks like Amazon’s doorbell camera company Ring got caught in a bit of a privacy pickle! They just struck a $5.8 million deal with the Federal Trade Commission after allegations that the company gave employees unrestricted access to customers’ sensitive video data.

WHY: As part of the FTC agreement with Ring, which is good for 20 years, Ring is required to disclose to customers how much access to their data the company and its contractors have.

Who wants a pair of Yeezy’s?

WHAT: Well, well, well…guess which sneaker brand is hitting shelves again? Adidas announced that remaining Yeezy shoes are back on sale, months after the German sportswear giant cut ties with Ye, the rapper formerly known as Kanye West. Adidas said proceeds from the sales would go towards social justice organizations.

WHY: The Yeezy products up for sale will include already-existing designs as well as those that were initiated in 2022 and set to be released in 2023, Adidas said.

Key Economic Events

• Thursday - ADP Employment Change

• Friday - US Unemployment Rate, Labor Force Participation Rate

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