Morning Market Download from Invincible Money

Personal finance + economics + markets

Staying on top of the markets, economics and the global issues that affect your money takes a lot of time and effort. We distill it down to a quick 5 minute read to help you make better money decisions.

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EconomyAfter 7 months of decline, home prices finally had a good month, increasing 0.2% (seasonally adjusted). Prices are up 2% over last year.

The U.S. 1 year sovereign credit default swap hit a record high. This measures the cost of insuring U.S. Treasury bonds against the risk of default. Yesterday the Biden administration said it would veto House Speaker Kevin McCarthy's proposal on the debt ceiling if it makes it through both chambers of Congress.

News$102B left First Republic Bank last quarter, the bank reported on Monday's earnings call. They said withdrawals have stabilized. They said they'd be cutting 20-25% of their staff and cut executive pay. The bank would have gone under if it wasn't for several large banks putting in $30B.

A recent study showed that retail investors are losing an average of $358,000 per day trading 0DTE options, which shows how difficult it is to trade and why 95% of traders lose money. Another reason to DCA (dollar cost average) into investments.

A new study from Stanford found that AI makes customer support 14% more productive.

Stocks3M is the latest company to cut staff to the tune of 6,000. 3M makes Post-It notes and Scotch Tape and demand has slowed.

Disney is again cutting in its 3rd round of layoffs, mostly at ESPN.

Netflix investing $2.5B into South Korea over the next 4 years. Squid Game (from SK) is the most popular show of all time on Netflix.

Apple won an appear against Epic Games involving its app store rules where the court ruled that Apple didn't violate antitrust law by banning competing marketplace on the iPhone. Apple will be able to keep charging their very high fees, even as they continue to be challenged by competing technologies like crypto and not Chat-GPT as it integrates into more platforms.

Coca-Cola beat earnings ($0.68 vs $0.64 expected) with $10.96B in sales as demand remained strong in Q1. Coke said on the call that it's forecasting 4-5% EPS growth and 7-8% organic revenue growth.

Johnson & Johnson is spinning off a consumer health company called Kenvue, which will hold the Band-Aid, Aveeno, Tylenol and Neutrogena brands.

CryptoCoinbase is suing the SEC to get some answers on whether existing securities rules can be extended to crypto. Last week I wrote about how CEO Brian Armstrong has said they'd consider moving overseas if the U.S. doesn't give more guidance.

ARK's Cathie Wood is back in at Coinbase, buying $8.6 million shares.

572,000 ETH deposits from institutional staking platforms is a new record.

Visa is hiring crypto devs to help with crypto adoptions.

You can now buy and sell real estate with crypto in the first BTC marketplace.

5 bullish signs for crypto from Bankless. A good read.

Standard Chartered declared the end of Crypto Winter and the British bank predicted a Bitcoin price of $100,000 by the end of 2024.

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CreditKarma reported that 51% of people don't know how to calculate their net worth, 31% have a net worth less than $0 (assuming they calculated it correctly) and that (wait for it)...30% of Gen Z care more about a celebrities net worth than their own.

So, your net worth is total assets (house, stocks, 401k, IRA, cash, etc.) minus total liabilities (loans, credit card debt, etc.). A common mistake is that income is the same as net worth. They are not the same.

Legal StuffNothing in this newsletter is financial advice. Always do your own research and think for yourself.