Good morning. US stock futures dipped in Tuesday morning trading as Wall Street looked ahead to the remaining earnings report to close out the season.

"Wall Street sells stocks and bonds, but what it really peddles is hope"

Jason Zweig

Top News

US, China agree to info sharing on export controls

WHAT: Guess who’s getting together for a “chit-chat” on export controls? The United States and China have agreed to kick-off a little exchange of enforcement information. Both countries have agreed to form a working group to address commercial issues, the US Commerce Department said.

WHY: China has recently sharply criticized US efforts to block China’s access to advanced semiconductors through export controls.

Biden Admin set to reveal drugs subject to price negotiations

WHAT: The Center for Medicare and Medicaid Services is about to pull back the curtain on the first ten prescription drugs that will be subject to price negotiations, kicking off formal discussions with drugmakers who are fiercely challenging the effort.

WHY: Companies such as Merck, Johnson and Johnson and Bristol-Myers Squibb have filed lawsuits against the Biden Administration to block the negotiations from happening.

OpenAI goes after enterprise market

WHAT: OpenAI, the maestros behind ChatGPT, just released a turbo-charged version ready to take on the big boys in the enterprise arena. Known as ChatGPT Enterprise, the company said the enterprise version offers more security, privacy and higher-speed access to OpenAI’s technology.

WHY: When OpenAI released the consumer-focused ChatGPT last November, it set off frenzied use of generative AI in daily tasks from writing to coding, and reached 100 million monthly active users in January.

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In Other News

Goldman offloads financial advice unit

WHAT: Goldman Sachs is doing a bit of late summer financial cleaning. The company announced they’ve found a taker for their personal finance unit, Personal Financial Management, as it tries to scale back ambitions for parts of its business. Goldman said it struck a deal with Creative Planning, a wealth management firm based in Kansas.

WHY: Goldman said recently that it had been evaluating alternatives for the unit which managed $29 billion at the end of last year. Terms of the deal were not disclosed but Goldman stated it is expected to close in fourth quarter.

Let the people go!

WHAT: Looks like American Airlines just got a not-so friendly reminder from the US Transportation Department that tarmac timeouts are a big no-no. The company was fined $4.1 million for unlawfully keeping thousands of passengers on the tarmac for hours, the largest ever penalty for violating the rule.

WHY: In 2016, USDOT fined American a then record-matching $1.6 million after it found the carrier had allowed a number of domestic flights to remain on the tarmac without allowing passengers an opportunity to get of the plane.

Americans worry about growth of AI

WHAT: Americans seem to be doing a little artificial intelligence (AI) soul-searching. A recent Pew Research Center poll of 11,200 Americans found that 52% of respondents said that they were more concerned than excited about the use of AI throughout their day-to-day lives. That’s a jump from last year when 38% of respondents said they were more concerned than excited.

WHY: While AI technology has been around for years, it exploded into the public eye with the debut of OpenAI’s generative AI-powered ChatGPT in 2022.

Key Economic Events

• Tuesday - No Major Economic News

• Wednesday - GDP Annualized Q-o-Q

• Thursday - Initial Jobless Claims (wk end Aug-26)

• Friday - Unemployment Rate (Aug)

Notable Briefs

• These are 10 investing DON’Ts from legendary investor Seth Klarman!

• Here’s what to consider before you think about borrowing

• These 16 signs suggest it might be time for a career change!

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