Investing.com — U.S. stock futures edge up as traders look ahead to key economic data and new company results this week. Elsewhere, Google reportedly eyes plans to sell its mapping data to companies building renewable energy products, while Mark Zuckerberg, Elon Musk and other tech industry leaders are invited to Washington for a forum discussing the possible pitfalls of generative artificial intelligence.
1. U.S. futures little changed
U.S. stock futures were near flat Tuesday as investors awaited the release of fresh economic data and corporate earnings (see below).
At 05:27 ET (9:27 GMT), the and were little changed, while dipped 14 points or 0.1%.
The main indices on Wall Street all closed in the green on Monday. It was their second consecutive winning session, a slight lift for stock markets that endured a tough August. Despite the increases, the benchmark , tech-heavy and 30-stock are all on pace to finish lower on a monthly basis.
2. Job openings survey ahead; Best Buy earnings loom
Traders will have a chance to pick through data on job openings in the U.S. on Tuesday morning, along with a fresh batch of corporate results from the waning quarterly earnings season.
Economists predict that the Job Openings and Labor Turnover Survey, or , will show that the number of available positions dropped to about 9.47 million in July. That would be down from 9.58 million in the previous month – the lowest level in more than two years, but still indicative of a tight jobs market.
The JOLTS report will serve as a prelude to the much-anticipated publication of the key U.S. figures later this week. The labor market has been a major focus of the Federal Reserve’s recent monetary tightening push, with policymakers hoping that a cooling in demand for workers will help ease inflationary pressures.
On the earnings front, Best Buy (NYSE:) is slated to report its second-quarter earnings on Tuesday. Observers will likely be keen to see how the electronics retailer has fared during a slowdown in consumer spending on nonessential items. In the first quarter, the company predicted that demand weakness should bottom out by the end of the year.
Elsewhere, Chinese electric car group Nio (NYSE:) will post returns before the bell, while personal computing firm HP (NYSE:) will report after markets close.
3. Google to license maps data to companies – CNBC
Google (NASDAQ:) is planning to begin licensing mapping data to businesses constructing products focused on renewable energy, CNBC has reported.
According to 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. Google is aiming to raise up to $100 million from these sales in its first year after launch, CNBC said.
A broad list of firms are being targeted by Google as potential buyers of its solar API offering, CNBC said. An example list of possible 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 did not immediately respond to CNBC’s request for comment, has been attempting to find means of generating revenue from its maps service to help offset wider economic uncertainty.
4. Schumer’s to host Musk, Zuckerberg at AI summit
U.S. Senate Majority Leader Chuck Elon Musk and Mark Zuckerberg at a forum next month discussing the future of generative artificial intelligence, as U.S. officials ponder how to mitigate the possible dangers of the nascent technology.
Along with Musk and Zuckerberg, Schumer’s office said the closed-door, bipartisan forum on September 13 will include Google Chief Executive Officer Sundar Pichai, OpenAI CEO Sam Altman and Microsoft (NASDAQ:) boss Satya Nadella.
These leaders, as well as other executives from a vast range of companies, have talked up AI in recent weeks, fuelling speculation over its potential applications in a broad array of fields.
Washington, however, has flagged some caution around the euphoria over AI. Earlier this year, Schumer suggested that “the best of the best” in the tech industry need to meet together to do “years of work in a matter of months.” The gathering would help establish a “new foundation” for AI policy, he added.
The concerns were echoed by U.S. President Joe Biden, who said in June that AI could pose risks to both national security and the broader economy. He noted that he would seek expert advice on the topic.
5. San Francisco Fed head of supervision to retire – reports
Azher Abbasi, the San Francisco Federal Reserve’s head of bank supervision, will according to multiple media reports.
In an email first quoted by Bloomberg, the spokesperson added that Abbasi will be replaced on an interim basis by former Minneapolis Fed official Niel Willardson on October 1.
Abbasi’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 this 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 carried out by the Federal Reserve into the collapse of SVB found lapses in oversight, although it did not single out any specific Fed employees. A separate study from the Government Accountability Office in April said that the San Francisco Fed “lacked urgency” in its response to the crisis surrounding SVB.