1) Senator Josh Hawley (R) aims to overhaul the Federal Trade Commission to counter the power wielded by big tech companies like Google and Facebook. He proposes dismantling the current agency tasked with protecting US consumers and place it under the Department of Justice. The Missouri senator says the current FTC lacks the teeth needed to hold high tech companies accountable for data breaches or lost of consumer information as well as privacy issues.
2) The genetic testing business for consumers, which has been growing over the past decade, now seems to be slowing because of concerns for privacy and market saturation. One major company announced a 6% layoff of employees with another laying off 14% as a result of slowdown of demand over the last eighteen months. Cost for testing is becoming another factor, especially for amateur genealogical researchers.
3) The U.S. is using technologies such as drones to scout for potential rare-earths reserves at home and aborad. Presently, America is almost 100% dependent on foreign supplies for the critically needed natural resource, most coming from China. Rare-earths are used in applications such as cellphones, wind turbines and missiles. While the U.S. does mine some rare-earths, it all must be shipped overseas, principally China, to be processed. America doesn’t have any processing plants of her own.
4) Stock market closings for – 10 FEB 20:
Dow 29,276.82 up 174.31
Nasdaq 9,628.39 up 107.88
S&P 500 3,352.09 up 24.38
10 Year Yield: down at 1.55%
Oil: down at $49.65