Morning Market Download from Invincible Money

Personal finance + economics + markets

We distill it down to a quick 5 minute read to help you make better money decisions.

EconomyU.S. GDP has slowed to 1.1% for Q1 as interest rates have slowed the economy. Economist expected 2.0%. GDP was 2.6 Q1 of 2022. So why did the market jump yesterday? It means the efforts by the Fed to slow the economy by aggressively raising interest rates are working and few rate hikes may be necessary in the future and/or rates may not need to be as high for as long.

Most of the slower growth was due to slowing business and housing investment, but consumers continued to spend. See my latest Instagram reel on which company is benefiting the most.

NewsThe U.S. House barely passed a bill to increase the debt ceiling by $1.5 Trillion (217-215), with all Democrats voting for against it and 4 Republicans. Now it needs to pass the Democrat -controlled Senate vote, which is unlikely.

PWC is spending $1B in generative AI for internal tools to write reports, compliance docs, analyze and look for inefficiencies, etc.

First Republic Bank trading was halted a couple more times as it teeters on the edge. It's the 14th largest bank in the U.S. (SVB was the 16th).

JP Morgan created an AI based on ChatGPT to chart whether that Fed is Hawkish or Dovish. The result is no surprise. The Fed is very hawkish (bearish).

StocksAmazon is shutting down Halo! They will discontinue the Halo products to focus on health devices. Apple is also heavily focused on health devices by adding more features to Apple watch and expected to announce an new paid app that will help users eat better based on their health data. Insiders are also saying that Amazon is planning to cut more staff in their entertainment units - Amazon Studios, Prime Video and MGM.

The company that makes Jeep, Chrysler, Dodge and Ram is offering buyouts to 33,500 workers in an effort to cut staff by 3,500.

CryptoCoinbase continues its fight with the SEC posting a response to last month's Wells notice, saying that the SEC has no merit and that any enforcement action would pose "serious programmatic risks."

Personal FinanceWhat's the deal with the new Apple High Yield Savings account? In order to use it you need to sign up for an Apple credit card with interest rates as high as 26.74% to get a 4.15% return on the HSA. If you love Apple and can pay off your credit card every month, then this may be great for you. However, there are better places to stash your cash that will pay you more. In fact, 3 month treasuries are paying nearly 5% and you don't need a credit card.

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What is a High Yield Savings Account?

A high yield savings account is a type of savings account that offers a higher interest rate than traditional savings accounts. The interest rates for high yield savings accounts are generally much higher than the average rate for regular savings accounts, and may also have fewer fees or minimum balance requirements. These accounts are often offered by online banks or financial institutions, and may require the account holder to conduct their banking online or through an app. While a high yield savings account may offer more interest than a traditional savings account, it's important to note that the interest rates are still subject to change, and may fluctuate based on market conditions.

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