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Joe Biden takes on AI + S&P 500 Makes a return
Everything you need to know about the presidents new AI bill
David Shepherd
October 30, 2023
Biden issues executive order to ensure responsible AI development
President Biden has issued an executive order with the aim of advancing the US in the field of AI while ensuring its safe and responsible use. The order includes provisions for:
Setting strict standards for AI safety and security, requiring developers to share safety test results with the government and ensuring rigorous safety measures before public release.
Protecting citizens' privacy through data privacy legislation and guidelines for federal agencies using AI.
Advancing equity and civil rights by preventing AI algorithms from exacerbating discrimination.
Promoting responsible AI use in healthcare and education.
Supporting workers affected by AI-related job displacement.
Promoting innovation, competition, and attracting skilled individuals in the AI field.
Collaborating with other nations to establish international AI frameworks.
Ensuring responsible government adoption of AI and enhancing government capacity in AI-related fields.
This executive order represents a significant step towards harnessing AI's potential while safeguarding individuals' rights and security. The US aims to work with international partners to shape the future of AI globally while promoting responsible innovation.
S&P 500 futures rise from five-month low with Fed and Apple results in view
How are stock-index futures trading
S&P 500 futures ES00, 0.67% rose 28 points, or 0.6% to 4166
Dow Jones Industrial Average futures YM00, 0.64% added 170 points, or 0.5% to 32678
Nasdaq 100 futures NQ00, 0.78% advanced 120 points, or 0.8% to 14386
On Friday, the Dow Jones Industrial Average DJIA fell 367 points, or 1.12%, to 32418, the S&P 500 SPX declined 20 points, or 0.48%, to 4117, and the Nasdaq Composite COMP gained 47 points, or 0.38%, to 12643.
What’s driving markets
Traders early Monday were starting a week stuffed full of potential market catalysts on an upbeat note.
Stock buyers returned after the S&P 500 on Friday joined the Nasdaq Composite in correction territory having shed more than 10% from its recent high at the end of July to close at its lowest since May.
Relief that the Israel-Hamas war had not drawn in other combatants in the region over the weekend was helping sentiment, according to analysts.
“The conflict did not appear to have broader spillover effects in the Middle East,” said Stephen Innes, managing partner at SPI Asset Management. “That sliver of ‘good news’ has seen the demand for safe-haven assets ease after Israel’s military action in Gaza took a more cautious approach than initially anticipated.”
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Equity benchmarks also have been hit of late partly because of some poorly-received third quarter earnings — notably from big technology firms that had led the broader marker higher for much of the year. The next tech behemoth to present its numbers will be Apple AAPL, +0.80%, after the market close on Thursday.
Companies reporting results on Monday include McDonald’s MCD, -0.03%, Western Digital WDC, +1.86% and SoFi Technologies SOFI, -0.43% before the opening bell on Wall Street, followed by Pinterest, PINS, +1.08% Transocean RIG, -2.09% and VF Corporation VFC, -5.22% after the close.
Another factor pressuring equities over the past several weeks was the lurch higher in benchmark bond yields BX:TMUBMUSD10Y to 16-year highs above 5% on concerns a robust economy will force the Federal Reserve to keep interest rates high for longer and amid fears additional Treasury issuance will push down prices.
Both of those issues will be addressed on Wednesday, when the Treasury will publish its quarterly refunding announcement in the morning, followed in the afternoon by the Fed’s latest interest rate decision.
Fed Chair Jay Powell is expected to leave borrowing costs unchanged at a range of 5.25% to 5.50%, so investors will be keen to hear if he gives any clues about Fed trajectory in coming months.
The nonfarm payrolls jobs report on Friday will doubtless play an important roll in the Fed’s future deliberations.
Meanwhile, The Bank of England is also expected to stand pat on Thursday, while the Bank of Japan on Tuesday has the potential to rattle markets should it make comments on relaxing its yield curve control policy.
Technical analysts noted that the S&P 500 sits below its 200-day moving average, suggesting it is in a negative trend. But Tom Lee, head of research at Fundstrat reckons that some softer data will help constrain bond yields and support stocks.
“I think there is enough incoming data this week along with the negative positioning for stocks to finally break this doom loop. We may have to wait until month end (tax loss selling this month). And our bigger message is to not get too negative,” said Lee.
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