Stock index futures are pointing to a higher open as President Joe Biden is expected to sign the infrastructure bill. Additionally, President Biden is scheduled to meet with President XI Jinping of China on Tuesday to discuss tariffs and supply chain issues. However, last week’s Michigan Consumer Sentiment report hit a decade low. Inflation is hurting consumers and slowing the recovery in the U.S. and Europe.
This week investors get a heavy dose or earnings reports from retailers. Market gorillas Walmart (NYSE: WMT), Target (NYSE: TGT), Lowe’s (NYSE: LOW), and Home Depot (NYSE: HD) are all on the docket. Investors will also hear from a number of Fed members who are scheduled to speak this week. Investors are waiting on comments on where the Fed stands after last week’s inflation report and whether or not they plan to do more or less when it comes to interest rates.
The Dow Jones Industrial Average ($DJI) could get a lift from one of its components. Boeing (NYSE: BA) was up more than 3% in premarket trading on reports that the company received several orders for planes after the 2021 Dubai Airshow.
Dollar Tree (NASDAQ: DLTR) is also rallying more than 6% ahead of the opening bell on news that activist investor Mantle Ridge has taken a $1.8 billion stake in the discount store. Investors expect these new investors to push for changes in the company could reflect the success Mantle Ridge had with Dollar General (NYSE: DG).
Another EV maker is going public. Swedish car manufacturer Polestar Automotive is merging with special purpose acquisition corporation Gores Guggenheim (NASDAQ: GGPI). Gores was up about 14% ahead of the market open.
Despite snapping five-week win streaks on Friday, the major indices still closed higher for the day. Unfortunately, stocks couldn’t climb high enough to offset losses earlier in the week. Materials was the best-performing sector last week, climbing about 2.5%. However, a diverse group of stocks made moves on Friday that helped the rally.
Some of Friday’s movers included crafter marketplace Etsy (NASDAQ: ETSY), which rallied more than 7%. Whirlpool (NYSE: WHR) closed more than 3% higher, building on a five-day win streak. Meta (NASDAQ: FB) closed up 4% with help from comments from Nvidia (NASDAQ: NVDA) CEO Jensen Huang saying the metaverse would be much bigger than people realize. And Netflix (NASDAQ: NFLX) was up 3.8% while Disney (NYSE:
Original Article: benzinga.com
Senate Gives Rosenworcel New FCC Term, but Republicans Aim to Block Gigi Sohn
The US Senate today approved a new five-year term for Federal Communications Commission Chairwoman Jessica Rosenworcel. Today’s vote ensured that Rosenworcel won’t have to leave the commission at the end of the year. But the FCC is still deadlocked at 2-2 between Democrats and Republicans—and the GOP is mounting a serious challenge against Gigi Sohn, the Biden nominee who would give Democrats a 3-2 majority.
Today’s vote on Rosenworcel was 68-31, with Democrats and some Republicans approving the renomination. We’ll update this story with more specifics on today’s Senate vote later, but you can see the results of last night’s cloture vote to end debate on the renomination here.
“It’s the honor of my lifetime to lead the FCC and serve as the first permanent female Chair,” Rosenworcel wrote on Twitter after the vote. “Thank you to the President and Senate for entrusting me with this responsibility. There’s work to do to make sure modern communications reach everyone, everywhere. Now let’s get to it.”
This Week’s Earnings Repertoire
Last week ended with the Omicron Covid variant casting a shadow over the joy revolving around the upcoming holidays. This week, Costco (NASDAQ: COST), Stitch Fix (NASDAQ: SFIX), Lululemon Athletica (NASDAQ: LULU), and GameStop Corporation (NYSE: GME) will show how they are weathering global challenges that even got the big ones tripped up.
1. Stitch Fix
The online apparel specialist’s shares have been having a hard time this year, which means the bar is set low for its Tuesday report. Back in September, management expected sales growth to slow to as low as 15% in the new fiscal year, compared to last year’s 23%. Although that slowdown might be temporary, Wall Street is worried about the impact of slowing growth, rising competition, and pressured margins due to supply chain disruptions and inflationary costs.
Adding direct shopping offerings is expected to help the subscription-based apparel delivery service business unlock a much bigger addressable market. But as it faces off well-established rivals, Stitch Fix has fewer competitive advantages.
Everyone’s eyes will be on the engagement metrics such as average spending will help show whether Stitch Fix is succeeding in reaccelerating sales growth. But investors are doubting the business’ capability to recapture that 20% sales …
Original Source: benzinga.com
The Movement to Hold AI Accountable Gains More Steam
Algorithms play a growing role in our lives, even as their flaws are becoming more apparent: a Michigan man wrongly accused of fraud had to file for bankruptcy; automated screening tools disproportionately harm people of color who want to buy a home or rent an apartment; Black Facebook users were subjected to more abuse than white users. Other automated systems have improperly rated teachers, graded students, and flagged people with dark skin more often for cheating on tests.
Now, efforts are underway to better understand how AI works and hold users accountable. New York’s City Council last month adopted a law requiring audits of algorithms used by employers in hiring or promotion. The law, the first of its kind in the nation, requires employers to bring in outsiders to assess whether an algorithm exhibits bias based on sex, race, or ethnicity. Employers also must tell job applicants who live in New York when artificial intelligence plays a role in deciding who gets hired or promoted.
In Washington, DC, members of Congress are drafting a bill that would require businesses to evaluate automated decision-making systems used in areas such as health care, housing, employment, or education, and report the findings to the Federal Trade Commission; three of the FTC’s five members support stronger regulation of algorithms. An AI Bill of Rights proposed last month by the White House calls for disclosing when AI makes decisions that impact a person’s civil rights, and it says AI systems should be “carefully audited” for accuracy and bias, among other things.
Original Source: arstechnica.com
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