Morning Download from Invincible Money 

Personal finance + economics + markets

Good morning investors! Wednesday ended on a dull note with not much happening. The stock market lost some gains but the crypto showed signs of relief.

Today we cover:

• The strike is costing us billions

• Cryptos gearing up for a bullish run?

• Make money with these savings accounts

📊 Economy 

Americans may not be able to benefit from Chinese companies

The Biden government on Wednesday signed an exclusive order regulating US expertise and investments that support Chinese companies.

These changes are related to sensitive technologies such as AI, microelectronics, semiconductors, and quantum computing.

Expected to go into effect next year, the new measure is designed to stop China from developing technologies and products that could allow it to "counter United States and allied capabilities.”

This may have a direct impact on some small and large US firms as they will now have to rethink their strategy. They may not be able to do business with China like they used to. Moreover, it could blow China’s ambitions and plans to make its own semiconductors.

“China doesn’t need our money, they’re a net capital exporter. So the thing we’re trying to prevent is not money going into China overall, because they have plenty of money. The thing they don’t have is the know-how,” said an official talking about the upcoming change.

📰 News

Hollywood strikes causing investors to lose billions

It has been 100 days since the TV and film writers' strike. According to estimates, the strike has already caused the California economy about $3 billion.

This is the biggest Writers Guild of America strike since the 2007 fiasco that led to more than 37,700 lost jobs and over a $2 billion blow to the local economy.

The strike doesn’t just impact the entertainment industry but other fields as well. Small businesses, including restaurants, caterers, florists, and dry cleaners are suffering due to a lack of work.

“The economic impact is even bigger because average compensation in the industry is considerably higher than the average earner,” says Lee Ohanian, an economics professor at the University of California, Los Angeles.

The industry employs about 5% of the local population, which may have no option but to move out if the situation doesn’t improve in the next few weeks.

Quick hits:

• Covid is once again a concern.

• UPS drivers to average about $170,000 in pay with upcoming changes.

• There is a huge talent gap in the US chip space (micro, not potato).

📈 Stocks

S&P 500 4,467.43 (-0.70%)
DJIA 35,123.45 (-0.54%)
NASDAQ 15,101.55 (-1.12%)
VIX 15.96 (-0.19%)
* Prices as of Aug 10th, 12:20 AM UTC

Disney+ Disappoints

Disney's fiscal third quarter was another disappointment. The company reported a 7.4% decline in Disney+ subscribers from the previous quarter. This is higher than estimates; however, the company appears to be doing decently in the US, while the Indian market contributed the largest blow to revenue after Disney+ Hotstar lost rights to the IPL cricket matches.

On the plus side, the company’s planning to follow Netflix and crack down on password sharing while also raising the price of its basic tier to $13.99 per month, a jump of 27%.

Furthermore, the company’s parks, experiences and products division gave positive results, increasing 13% in revenue. As a result, the stock jumped 2.67% after the bell.

Our take: Disney may jump anywhere from 5 to 8% in the next three to six months due to a change in price, an exciting lineup of movies, and the company’s decision to take full control of Hulu.

Major Movers:

• Axon Enterprise Inc (14.01%) gained after the company reported EPS of $1.11, nearly double the expected number.

• Akamai Technologies Inc (8.46%) gained after raising guidance and meeting expectations.

• NVIDIA Corp (-4.72%) was one of the S&P 500's worst performers for no specific reason.

• Broadcom Inc (-3.67%) had a second day of losses as the stock followed the overall market.

🔐 Crypto

Bitcoin $29,643 (-0.05%)
Ethereum $1,865 (-0.01%)
Total market cap $1.22T (-0.90%)
* Prices as of Aug 10th, 12:20 AM UTC

Time to invest in crypto?

A lot happened in the crypto space recently and the digital currency market seems to be ready for another leg up. Here are a few things to know about:

• Bitcoin briefly crossed the $30K mark yesterday and some expect it to soon hit the $45,000 mark. * Not financial advice 😅 

• Coinbase has launched a $150 million corporate bond buyback program that many predict will help the industry.

• SCP is set to fight XRP with plans to appeal the ruling, while Ripple continues to grow thanks to a partnership with financial institutions for international settlements.

• Bitstamp to stop offering some altcoins in the US.

💵 Personal Finance

These US banks are offering great savings accounts

A rising-interest-rate environment means a chance to make more money in the form of interest. US banks are known for offering low interest rates; however, things are now changing with some offering up to 5%.

Here are some of your best options:

Western Alliance Bank Savings Account

Offering up to 5.20% APY, this is one of the most rewarding savings accounts with no monthly fee. The minimum balance is only $1 but the bank does not offer an ATM card.

Newtek Bank Personal High Yield Savings

Offering a very high interest rate of 5%, this account has a minimum balance requirement of only $0.01 with the ability to request an ATM card. Plus, the bank charges no monthly fee.

Bask Interest Savings Account

Offering 4.85% APY, this savings account comes with no minimum balance and monthly charges. However, on the downside, ATM and checking accounts are not supported.

International Options

Interested in earning more interest? Check out these international banks offering up to 10% interest on term deposits:

💰 Be a Better Investor

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself