Things are escalating quickly after Twitter applied a fact-checking label to the President’s tweet about the potential for fraud with mail-in ballots. An executive order is now set to be published today that would reportedly open the door for federal officials to punish social media companies - for the way they moderate content - by allowing regulators to rethink Section 230 of the Communications Decency Act. The law largely exempts online platforms from legal liability for the material their users post, and such changes could expose tech companies to more lawsuits. The order would also address political bias on the platforms and review advertising spending on platforms like Twitter, Facebook, Google, and Snap. (SA)
Beating out rivals like Netflix, Apple has secured a deal for Hollywood veteran Martin Scorsese's next film, Killers of the Flower Moon, which will feature Leonardo DiCaprio and Robert De Niro. The project will be Apple’s biggest foray into film yet after acquiring Greyhound, starring Tom Hanks, last year. Killers of the Flower Moon will be labeled an Apple Original Film and Paramount Pictures will distribute it theatrically worldwide. Scorsese's last film, The Irishman, was released on Netflix in 2019. (CNBC)
This morning's initial jobless claims data at 8:30 a.m. Eastern Time is expected to show that 2.1 million people filed for benefits last week, with the number of continuing claims edging up to 25.7 million. As well as claims, the second reading of first-quarter U.S. GDP is due, with the 4.8% pace of economic contraction expected to be confirmed. April durable goods orders, also at that time, are forecast to plunge almost 20%. Pending home sales for April will also show a significant drop. (Bloomberg)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.