Good morning. US stock futures ticked higher in Tuesday morning trading as investors analyzed a stronger-than-expected earnings season while awaiting a key policy decision by the Federal Reserve.

"If you don’t stay with your winners, you’re not going to be able to pay for the losers"

Michael Marcus

Top News

Biden takes stance on spending cuts

WHAT: US President Joe Biden is in no mood to accept any spending cuts. In fact, Biden said he would veto any bills presented to him by House Speaker Kevin McCarthy and other House Republicans that would cut spending on previously agreed defense, health and agriculture bills.

WHY: Last month, Biden signed a bipartisan deal after excruciating negotiations that narrowly averted a crisis that threatened to send the US into an unprecedented default and economic crisis.

Canada to phase out fossil fuel subsidies

WHAT: Canada is waving goodbye to a number of fossil fuel subsidies. The subsidies to be phased out include those that specifically benefit oil and gas, solely support sector activities, or endorse consumption of fuels that worsen climate change.

WHY: Canada has the world’s third-largest nationally proven crude reserves, and oil and gas represent as much as 7% of the country’s GDP and a fifth of its goods exports.

Apple under pressure in UK over app store fees

WHAT: Apple might have a date with destiny in the UK! Over 1500 app developers have banded together to file a 785 million pound ($1 billion US) class action lawsuit against the company over its app store fees.

WHY: Apple has previously said that 85% of developers on the app store do not pay any commission and that it helps European developers to access markets and customers in 175 countries around the world through the app store.

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In Other News

IRS: We’ll let you know when we’re coming

WHAT: There will be no more unannounced visits to taxpayers from revenue officers of the US Internal Revenue Services! “Effective immediately, unannounced visits will end, except in a few unique circumstances and will be replaced with mailed letters to schedule meetings” the IRS said in a statement.

WHY: IRS Commissioner Danny Werfel announced the change as part of a larger effort to reform IRS operations after the passage last year of US spending legislation called the Inflation Reduction Act and the creation of a new IRS strategic operating plan.

Google fined mega bucks in patent dispute

WHAT: Looks like Google got caught with its hands in the patent cookie jar! A federal jury in Texas order the tech giant to pay $338.7 million in damages for violation of software developer Touchstream Technologies patent rights. The jury found that Google’s Chromecast and other devices infringed Touchstream’s patents on streaming videos from one screen to another.

WHY: Touchstream said that Google’s Chromecast copied its innovations and infringed three of its patents. It also said its patents were infringed by Google’s Home and Nest smart speakers and third-party televisions and speakers with Chromecast capabilities.

FedEx pilots say no to contract offer

WHAT: FedEx pilots have decided to return their package contract deal to sender! The company’s pilots, represented by the Air Line Pilots Association (ALPA) voted 57% to 43% to reject FedEx’s tentative deal of a 30% pay increase and a 30% increase to the pilots’ legacy pension.

WHY: With fewer pilots and rebounding demand, US unions have enjoyed enhanced bargaining power in negotiations during the past year.

Key Economic Events

• 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

Notable Briefs

• Have you thought about your investment time horizon?

• Make saving easier for yourself by following this tips!

• Here are a few things to consider when it comes to salary vs. job satisfaction

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