Good morning. US stock futures fell sharply in Wednesday morning trading as traders continue to assess the latest batch of earnings reports.

"I’m all for artificial intelligence as there is such a shortage of the real thing"

Charlie Munger

Top News

White House debuts student loan repayment plan

WHAT: Attention all you student loan borrowers!! The White House is rolling out the ultimate repayment plan, even going as far as to call it “the most affordable in history.” The Education Department released an updated version of its income-driven education repayment plan that allows borrowers to enroll in the Saving on a Valuable Education (SAVE) plan.

WHY: The SAVE plan lowers monthly payments, provides faster forgiveness for some, and prevents balances from growing due to unpaid interest. It is among the main efforts championed by the Biden Administration after the Supreme Court overturned loan forgiveness in June.

Fed exec: Cautious steps required ahead

WHAT: President of the Federal Reserve Bank of Atlanta Raphael Bostic is offering a word of caution to the US central bank: Let’s not tighten those monetary belts too much! Delivering remarks at a press briefing, Bostic noted that “all of the facts argue for us being cautious, patient and resolute” on the next policy moves by the Fed.

WHY: Bostic’s caution comes as the Fed raised interest rates to a range of 5.25%-5.5% — the highest level in 22 years — as it continues to fight to bring inflation back to its 2% target.

US credit rating loses triple A status

WHAT: In a not-so-favorable review, Fitch Ratings just snatched the US’s prized top-tier credit rating. The credit grader cut the US one level from AAA to AA+ on account of ballooning fiscal deficits and a “erosion of governance”.

WHY: “The rating downgrade of the US reflects the expected fiscal deterioration over the next 3 years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades” Fitch said.

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In Other News

Judge rules crypto is a security

WHAT: A US judge has weighed in on the debate about the classification of cryptocurrencies, ruling that they can be considered securities when sold to the public. The decision contradicts a prior judgement that took place in mid-July that classified certain digital tokens as securities only when sold to institutional investors and not the wider public.

WHY: The US Securities and Exchange Commission (SEC) has argued that cryptocurrencies are securities and therefore should be overseen by the SEC, using that assertion as the basis for several lawsuits against major industry players.

Amazon expands virtual clinics throughout the US

WHAT: Amazon announced that its Amazon Clinic service is going nationwide, serving up quick and convenient virtual health services in all 50 states. The company said its virtual clinic services will cover over 30 common health conditions such as pink eye and urinary tract infections.

WHY: With Amazon Clinic, users can compare response times and rates of different healthcare providers, complete a questionnaire, and connect with their chosen provider without an appointment or insurance. The ecommerce giant has been attempting to expand into the healthcare sector for the past few years.

GameStop says bye-bye to crypto wallets

WHAT: GameStop’s crypto wallets will soon be saying their goodbyes, packing their bags and heading off into the sunset. The company announced that it will remove its iOS and Chrome extension wallets from the market by Nov 1, citing “regulatory uncertainty” as the primary reason for the move.

WHY: The removal of these wallets is a sign that GameStop is backing away from its crypto strategy, which was part of a broader push into digital services undertaken by chairman Ryan Cohen in an effort to turn around the struggling video-game retailer.

Key Economic Events

• Wednesday - No Major Economic News

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

• Friday - Unemployment Rate (Jul)

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