© Reuters
Investing.com – US stock futures are higher as traders await key economic data and corporate earnings later this week. Elsewhere, Google is reportedly planning to sell its map data to companies developing renewable energy products, while Mark Zuckerberg, Elon Musk and other tech industry leaders are being invited to a forum in Washington that will explore the potential pitfalls of generative artificial intelligence are discussed.
1. US futures are little changed
US stock futures were little changed on Tuesday as investors waited for new economic data and corporate earnings releases (see below).
As of 05:27 ET (9:27 GMT), the and were little changed while down 14 points, or 0.1%.
Wall Street’s major indices all closed in the green on Monday. It was their second consecutive successful session, a slight rebound for stock markets weathering a tough August. Despite the gains, the benchmark, technology and 30 stocks are on track to underperform on a monthly basis.
2. Pre-vacancy survey; best buy Profits are at the door
Traders Tuesday morning will have the chance to review data on US job vacancies as well as a slew of new corporate results from the emerging quarterly earnings season.
Economists expect the Job Opens and Labor Turnover Survey to show that the number of available jobs fell to about 9.47 million in July. That would be down from 9.58 million in the previous month – the lowest in more than two years but still an indication of a tight labor market.
The JOLTS report will serve as a prelude to the much-anticipated release of key US numbers later this week. The labor market has been the focus of the Federal Reserve’s recent tightening effort, with policymakers hoping that a slowdown in demand for labor will help ease inflationary pressures.
On the earnings front, Best Buy (NYSE:) is expected to report its second-quarter results on Tuesday. Observers will likely be curious to see how the electronics retailer fared during a slowdown in consumer spending on non-essential items. In the first quarter, the company forecast that weak demand would bottom out by the end of the year.
Elsewhere, Chinese electric car group Nio (NYSE:) will post returns before the market close, while personal computing company HP (NYSE:) will report after the market close.
3. Google licenses map data to companies – CNBC
Google (NASDAQ:) plans to start licensing map data to companies developing renewable energy-focused products, CNBC reported.
According to the materials reviewed and cited by the network, the tech giant is preparing to sell access to new application programming interfaces that contain solar and energy information. According to CNBC, Google aims to generate up to $100 million from these sales in the first year after launch.
According to CNBC, Google has targeted a broad list of companies as potential buyers of its Solar API offering. A sample list of potential customers includes solar installers SunRun (NASDAQ:) and Tesla’s (NASDAQ:) Tesla Energy, as well as real estate group Zillow (NASDAQ:) and utility PG&E (NYSE:).
Google, which didn’t immediately respond to CNBC’s request for comment, has been trying to find ways to generate revenue from its mapping service to offset the general economic uncertainty.
4. Schumer hosts Musk and Zuckerberg at the AI Summit
US Senate Majority Leader Chuck Elon Musk and Mark Zuckerberg will discuss the future of generative artificial intelligence at a forum next month, as US officials ponder how to mitigate the potential dangers of the emerging technology.
Musk and Zuckerberg will attend the non-public, bipartisan forum on Sept. 13, along with Google CEO Sundar Pichai, OpenAI CEO Sam Altman and Microsoft (NASDAQ:) CEO Satya Nadella, Schumer’s office said.
These executives, as well as other executives from a variety of companies, have been talking about AI for the past few weeks, fueling speculation about its potential applications in a variety of fields.
However, Washington has indicated some caution amid euphoria over AI. Earlier this year, Schumer suggested that “the best of the best” in tech needed to come together to get “years of work done in a matter of months.” The gathering would help create a “new foundation” for AI policy, he added.
The concerns were echoed by US President Joe Biden, who said in June that AI could pose risks to both national security and the broader economy. He indicated that he would seek professional advice on the matter.
5. San Francisco Fed chief regulator to retire – reports
According to several media reports, Azher Abbasi, head of banking supervision at the San Francisco Federal Reserve, will do so.
In an email, first cited by Bloomberg, the spokesman added that Abbasi would be replaced on an interim basis by former Minneapolis Fed official Niel Willardson on October 1.
Abba’s departure comes after he and current San Francisco Fed Governor Mary Daly came under intense scrutiny in the wake of the failure of Silicon Valley Bank and other lenders earlier in the year. The San Francisco Fed was responsible for overseeing the safety and soundness of small and medium-sized financial services companies like SVB.
A report prepared by the Federal Reserve on the collapse of the SVB found oversight failures, although it did not name specific Fed employees. A separate study by the Government Accountability Office in April said the San Francisco Fed “lacked urgency” in its response to the SVB crisis.
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