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Netflix (NFLX) brings video games to TV screens in latest push beyond streaming. (00:20) Generic drug imports unlikely to face tariffs – report. (01:26) Trump says ACA subsidies won’t be discussed until government shutdown ends. (02:26)
This is an abridged transcript.
Netflix (NASDAQ:NFLX) is bringing its video games to television screens for the first time.
Subscribers will now be able to play select games on TVs, using their phone as a controller.
The initial lineup includes group-friendly titles such as Pictionary: Game Night and Lego Party. To play, users need a smart TV or a streaming device like Roku, and can connect by scanning a QR code on their phone.
Netflix (NASDAQ:NFLX) began offering games four years ago as part of its plan to grow beyond movies and TV shows. Previously, users could only access them on mobile devices. The company hopes that bringing gameplay to the big screen will help it tap into a broader audience.
Netflix has identified four focus areas for its gaming push: games for kids, party games, mainstream hits like Grand Theft Auto, and titles based on Netflix franchises such as Stranger Things. The company has also been investing in cloud server capacity to ensure smoother gameplay as it sees an increase in traffic.
The Wall Street Journal is reporting that the Trump administration is not planning to impose tariffs on generic drug imports, although the move isn’t final and could change.
“The administration is not actively discussing imposing Section 232 tariffs against generic pharmaceuticals,” Kush Desai, White House deputy press secretary, said in a statement.
A Commerce Department spokesperson also said the ongoing 232 investigation into pharmaceuticals wouldn’t result in tariffs on generic drugs. Section 232 empowers the president to impose tariffs on imports if they threaten national security.
President Donald Trump last month said he would impose 100% tariffs on name-brand drugs to boost local manufacturing, but didn’t mention generics. He later delayed the tariffs to provide more time for negotiations with drugmakers.
This is the topic of today’s edition of the Wall Street Breakfast newsletter. A link to sign up for the newsletter is in the show notes section.
Now an update on the government shutdown as it enters day 9.
President Trump on Wednesday afternoon said he is not willing to entertain talks about extending Affordable Care Act subsidies until the federal government opens its doors again.
While taking questions from reporters, the president said, “All I want to do is very simple. I want to get the government reopened and then we’re going to discuss that,” referring to the subsidies.
Trump added that he would like to make Obamacare better and stronger, “even if it costs more money.”
Extending the ACA tax credits is a sticking point for Democrats, who have argued that Republicans’ plan to eliminate them in 2026 would leave millions who get their health coverage through state insurance exchanges facing a vastly higher premium.
On Oct. 6, Trump said he might be willing to have discussions over healthcare to end the shutdown stalemate.
Meanwhile, the Internal Revenue Service said in a statement that it started an IRS-wide furlough on Wednesday, for everyone except “already-identified excepted and exempt employees.”
The agency The Associated Press reported, citing the IRS that with the furloughs, some 39,870 employees, or 53.6% of its staff, will stay on the job.
The notice from the IRS to its employees did not say whether they’ll receive back pay. The president has threatened that furloughed workers won’t get back pay. However, House Speaker Mike Johnson (R-LA) said on Wednesday that he believes federal law requires furloughed workers to be paid when they return to work.
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Catalyst watch:
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Ferrari (RACE) will reveal its first-ever all-electric vehicle during the company’s Capital Markets Day in Maranello, Italy. The event will likely offer a detailed look at the technological underpinnings of the new EV, with CEO Benedetto Vigna hinting at an “innovative and unique” presentation.
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Notable investor events include CrediCorp (BAP) hosting its Investor Day and Elastic (ESTC) holding its Analyst Day
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The North American Blockchain Summit conference will take place in Dallas, Texas, as the Lone Star State looks to enhance its crypto-friendly reputation. The event will include discussions on Bitcoin, blockchain, and digital asset ecosystems.
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Shares of MEG Energy (MEG:CA) will vote on the planned sale to Cenovus Energy (CVE).
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Paramount Skydance (PSKY) CEO David Ellison will give a talk at the Bloomberg Screen Time event on his vision for the newly merged company and where he’s looking to make more deals.
Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.3% at $62/barrel. Bitcoin is down 1.3% at $121,000. Gold is flat at $4,039.
The FTSE 100 is down 0.5% and the DAX is up 0.3%.
The biggest movers for the day premarket: Richardson Electronics (NASDAQ:RELL) +22% – Shares jumped higher after the company reported better-than-expected FQ1 results, driven by strong growth in its semiconductor wafer fab business.
On today’s economic calendar:
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8:35 am Federal Reserve Vice Chair for Supervision Michelle Bowman will give opening remarks and participate in fireside chat before the Community Bank Conference hosted by the Federal Reserve Board.
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12:45 pm Federal Reserve Board Governor Michael Barr will speak on the economic outlook before an Economic Club of Minnesota luncheon.
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6:40 pm San Francisco Federal Reserve Bank President Mary Daly will participate in a moderated conversation before the Silicon Valley Directors Exchange.