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Weekly Market Report. September 22, 2023

Greetings, curious minds! Join us on a journey into the cutting-edge. This newsletter unveils the latest trends shaping our world. Let’s explore together! 🌐🚀

Top Reads
Amazon plays catch-up with Alexa generative AI, shows off new, refreshed hardware🤖
Amazon.com Inc (AMZN.O) on Wednesday unveiled a slate of new and refreshed devices and updated its Alexa voice assistant with generative artificial intelligence to attract users to the unprofitable product as competition grows from chatbots like Google's Bard.
Judge Denies SEC’s Request To Access Binance.US Tech Stack 🤵‍♂️
In the ongoing Binance.US case, a federal judge today denied the US Securities and Exchange Commission’s (SEC) request to access the crypto firm’s technology infrastructure. Binance.US lawyers argued that the SEC’s request for documents was “overbroad.”
Fed Signals Higher-for-Longer Rates With Hikes Almost Finished 🏦
Fed Signals Higher-for-Longer Rates With Hikes Almost Finished 🏦 Federal Reserve Chair Jerome Powell made clear Wednesday the central bank is close to done raising interest rates, but his colleagues delivered the message that resonated: Borrowing costs must remain higher for longer amid renewed strength in the economy.
Market Data
Headlines
AI
  • Microsoft’s event promises new Surface devices and AI innovations.
  • GitHub extends Copilot Chat access to individual users.
  • Tether invests $420 million in cloud GPUs, bolstering support for AI.
  • ‘Game of Thrones‘ creator and authors sue OpenAI.
  • Corti secures $60 million in funding for its healthcare AI co-pilot.
Tech
  • Apple and Goldman Sachs halted iPhone stock-trading feature due to market shifts.
  • Google emails and memos concealed by DOJ.
  • Amazon drops merchant fee plan amid pending antitrust suit.
Business
  • SEC cracks down on deceptive ESG and growth fund labels.
  • Isaacson’s ‘Elon Musk’ biography soars in its debut week.
  • Bank of America raises minimum wage to $23, targeting $25/hour.
  • Toshiba’s $14 billion takeover bid by JIP succeeds, going private.
  • Hollywood studios and writers close to ending strike.
Crypto
  • PayPal adds PYUSD stablecoin to Venmo for crypto expansion.
  • Bitcoin’s 2021 87% drop blamed on Alameda, ex-employee asserts.
  • Memecoin makes $12 million in a day through AI naming.
  • NHN, a South Korean mobile developer, enters crypto gaming on Sui.
  • Wall Street sees blockchain as a game-changer.
  • Tim Draper launches crypto accelerator amid bear market.
  • British bank with $819 billion assets launches crypto staking service.

Upcoming Events (Eastern Time)

 

Monday, Sept. 25

  • No schedule

 

Tuesday, Sept. 26

  • 8:30 am – US New Home Sales
  • 8:30 am – US S&P Case-Shiller Home Price Index (20 cities)
  • 10:00 am – US Consumer Confidence

 

Wednesday, Sept. 27

  • 8:30 am – US Durable Goods Order

 

Thursday, Sept. 28

  • 8:30 am – US Initial Jobless Claim
  • 8:30 am – US GDP Revision

 

Friday, Sept. 29

  • 2:00 am – UK GDP Growth Rate
  • 5:00 am – EURO Area Core Inflation Rate
  • 8:30 am – US Core PCE Price Index
  • 10:00 am – US Michigan Consumer Sentiment Final
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