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.

A couple of weeks ago Elon Musk and 1,000 AI experts signed a letter exhorting the AI community to pause development for 6 months. That caused a lot of discussion. Then it came out that Mark Zuckerberg, CEO of Meta, spends near ALL his time on AI.

Is this video I discuss what all the AI developments mean for the future of work and whether or not the robots are coming fro your job.

EconomyJobs report showed slower job grown: non-farm payrolls grew by 235,000 in March, the unemployment rate dropped from 3.6% to 3.5% while hourly earnings rose 0.3%. Job creation was the lowest it's been since January 2022. All of this together means the Fed's efforts to slow down the economy seem to be working, although challenges are ahead as most believe inflation will be with us for years to come.

OPEC+ (the plus being Nigeria) announced they will cut production. The White House said it was a very irresponsible move. The president of the St. Louis Fed said "Some of that might feed into inflation and make our job a little bit more difficult."

The market is anticipating the Fed will raise interest rates 0.25% next month, after the problems in the bank sector seem to be subsiding.

NewsHedge funds made $7 billion from shorting bank stocks last month, which was the most profitable month for short sellers since 2008.

The next crisis could be in commercial real estate as $1.5 trillion in debt is coming due before 2025. The concern is that a lot of that debt is with regional banks, which have been dealing with major outflows as people and companies move money to larger banks and money market funds, making if more difficult for the small banks to provide financing.

TikTok and the RESTRICT Act are on the radars of freedom watchers as politicians talk about banning TikTok, but also adding clauses in the Act that are concerning. Including fines of up to $25,000 for having apps on your phone the government doesn't approve of.Coin Bureau did a deep dive here.

StocksThe U.S. market was closed last Friday for Easter.

Only 1/3 of active fund managers beat their benchmarks in Q1 2023, even as the equities market has had a great year. Another argument in favor of index funds?

Amazon continued to cut back stock awards for employees as part of a plan to cut costs.

Big news from Tesla. They're opening a new megafactory in Shanghai, China capable of producing 10,000 Megapacks per year. Surprisingly, TSLA stock remained unchanged, likely due to the other announcement that they cut the price tag of their cars again.

CryptoLow levels of leverage in the BTC market may suggest price swings will be less volatile.

LayerZero, a cross-chain interoperability protocol, raised $120 million in Series B funding, valuing the company at $3 billion.

All eyes will be on Ethereum on Wednesday as it completes the Shapella upgrade, which will allow ETH to be unstaked. The upgrade could lead to more liquidity and interesting from institutional buyers (price go up) or sell pressure from stakers withdrawing funds that have been locked up for about 2 years (price go down).

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