Good morning. US stock futures traded mixed in Tuesday morning trading as investors braced for the latest commentary from Federal Reserve Chairman Jerome Powell.

"Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity"

Carl Icahn

Top News

Investment bank slashes likelihood of recession

• Goldman Sachs revised its economic outlook with a new estimate of a 25% chance of the US entering a recession within the year, a decrease from its prior prediction of 35%.

• "Continued strength in the labor market and early signs of improvement in business surveys suggest that the risk of a near term slump has diminished notably" the bank said in a research note.

AI wars heating up

• Competition in the artificial intelligence space is heating up as Google announced it is opening up its own AI tool called Bard to a set of trusted users ahead of a public debut in the coming weeks.

• Google's Bard is a conversational AI service powered by Alphabet's Language Model for Dialogue applications (LaMDA).

Amazon puts Fresh on hold

• Amazon CEO Andy Jassy announced that the company will temporarily halt the expansion of its Fresh stores while seeking "distinctiveness and favorable economics".

• Jassy, speaking on Amazon's earnings called, added that grocery remains a critical business for Amazon because of the size of the market segment and the frequency of customer visits.

In Other News

Crypto exchange suspends transfers

• Binance, the largest cryptocurrency exchange globally, announced a temporary halt of US dollar deposits and withdrawals via bank accounts, stating they will work to restore service soon.

• The company did not give a specific reason for the suspension, though a number of crypto companies have recently had difficulties finding banking partners to buy and sell digital assets.

We fly together!

• European aviation regulators have rejected a proposal by the industry to have only one pilot on flights by 2030, and stated that only pilots with sufficient experience can fly solo in the cockpit.

• The aviation industry wants solo flying to help ease the bite of a challenging labor shortage since that would allow at least one pilot to rest during long haul trips, eventually reducing staffing.

Bed, Bath and Bold Moves

• Bed Bath & Beyond is seeking new funds from the public markets as it launches a final attempt to avoid bankruptcy.

• The retailer, which is on the brink of filing for bankruptcy, will issue convertible preferred securities and warrants in an effort to raise $1 billion to escape a Chapter 11 filing.

Key Economic Events

• Tuesday - Fed Chair Powell Speaks In Washington

• Wednesday - Fed's Williams At WSJ Live Event

• Thursday - No Major Economic News

• Friday - Fed's Walker Speaks At Crypto Conference, U. Of. Mich. Sentiment

Notable Briefs

• What's the price of happiness?

• Consider these investing tips as you age

• How is high net worth defined?

• We're hiring! Apply here to join our team!

• Was this forwarded to you? Sign up here.

• Want to advertise in Daily Market Briefs? Go here.