Investing.com — US stock futures advanced as traders await key economic data and new company results this week. Elsewhere, Google reportedly plans to sell its mapping data to companies making renewable energy products, while Mark Zuckerberg, Elon Musk and other tech industry leaders are expected to discuss the potential pitfalls of generative artificial intelligence in Washington. has been invited to a forum for
1. US futures little changed
US stock futures were flat on Tuesday as investors awaited the release of fresh economic data and corporate earnings (see below).
At 05:27 ET (9:27 GMT), Dow futures and S&P 500 futures were little changed, while Nasdaq 100 futures were down 14 points, or 0.1%.
All major Wall Street indices closed in the green on Monday. It was his second consecutive winning season, a modest gain for stock markets going through a rough August. Despite the rise, the benchmark S&P 500, the tech-heavy Nasdaq Composite and the 30-stock Dow Jones Industrial Average are all on pace to finish lower on a monthly basis.
2. Survey of job vacancies ahead; Best Buy’s earnings are soaring
Traders will have a chance on Tuesday morning to look at US job vacancies data as well as a fresh batch of corporate results from the waning quarterly earnings season.
Economists forecast that the Job Openings and Labor Turnover Survey, or JOLTS, would show that the number of available positions fell to about 9.47 million in July. That would be down from the previous month’s 9.58 million – the lowest level in more than two years, but still a sign of a tight jobs market.
The JOLTS report will serve as a prelude to the highly anticipated publication of key US non-farm payrolls data later this week. The labor market has been a major focus of the Federal Reserve’s recent monetary tightening move, which policymakers hope will help ease inflationary pressures by reducing labor demand.
On the earnings front, Best Buy (NYSE:BBY) is scheduled to report its second-quarter earnings on Tuesday. Observers will likely be eager to see how the electronics retailer has fared during a downturn in consumer spending on non-essential items. In the first quarter, the company predicted that the weakness in demand would subside by the end of the year.
Elsewhere, Chinese electric car group Nio (NYSE:NIO) will post returns before the bell, while personal computing firm HP (NYSE:HPQ) will report after the market closes.
3. Google will license Maps data to companies – CNBC
CNBC has reported that Google (NASDAQ:GOOGL) plans to start licensing mapping data to businesses that build products focused on renewable energy.
The tech giant is preparing to sell access to new application programming interfaces that include solar and energy information, according to materials reviewed and cited by the network. CNBC said that Google is aiming to raise up to $100 million from these sales in its first year after launch.
A broad list of companies is being targeted by Google as potential buyers for its Solar API offering, CNBC said. An example list of potential customers includes solar installer Sunrun (NASDAQ:RUN) and Tesla’s (NASDAQ:TSLA) Tesla Energy, as well as real estate group Zillow (NASDAQ:ZG) and utility PG&E (NYSE:PCG).
Google, which did not immediately respond to CNBC’s request for comment, is trying to find means to generate revenue from its maps service to help weather the macroeconomic uncertainty.
4. Schumer to host Musk, Zuckerberg at AI summit
US Senate Majority Leader Chuck Schumer will host tech giants Elon Musk and Mark Zuckerberg at a forum next month to discuss the future of generative artificial intelligence, as US officials consider the potential dangers of the new technology. How to reduce
Along with Musk and Zuckerberg, Schumer’s office said the closed-door bipartisan forum on Sept. 13 will include Google CEO Sundar Pichai, OpenAI CEO Sam Altman, and Microsoft (NASDAQ:MSFT) boss Satya Nadella.
These leaders, as well as other executives from a wide range of companies, have spoken about AI in recent weeks, fueling speculation over its potential applications across a wide range of sectors.
However, Washington has sounded a note of caution about its enthusiasm for AI. Earlier this year, Schumer suggested that “the best of the best” in the tech industry needed to get together to do “years of work in months”. He said the gathering would help set a “new foundation” for AI policy.
This concern was echoed by US President Joe Biden, who said in June that AI could pose risks to both national security and the wider economy. He said he would seek expert advice on the subject.
5. San Francisco Fed’s supervision chief to retire – report
Azhar Abbasi, the head of bank supervision at the San Francisco Federal Reserve, will retire at the end of October, according to multiple media reports.
In an email first cited by Bloomberg, the spokesman said Abbasi would be replaced on an interim basis by former Minneapolis Fed official Neil Willardson on October 1.
Abbasi’s departure comes after he and current San Francisco Fed Governor Mary Daley came under intense scrutiny in the wake of the failure of Silicon Valley Bank and other lenders earlier this year. The San Francisco Fed was responsible for overseeing the safety and soundness of small and medium-sized financial services companies such as SVB.
A report by the Federal Reserve on the collapse of SVB found lapses in oversight, although it did not single out any specific Fed employees. A separate study by the Government Accountability Office in April said there was a “lack of urgency” in the San Francisco Fed’s response to the crisis surrounding the SVB.
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Source: finance.yahoo.com
