🚫 China's Not Going To Like This...

Good morning. US stock futures slipped in Thursday morning trading as treasury yields ticked higher and investors review the latest batch of corporate earnings.

🚫 US outbound restrictions rules for China to be completed by year’s end

📝 Our report: Commerce Secretary Gina Raimondo's got a deadline in mind – she's expecting to wrap up the rules for those outbound investment restrictions on China by the end of the year. Raimondo said at a U.S. House hearing she expects Treasury to complete the rules by the end of 2024.

 🔑 Key points:

• President Joe Biden in August issued an executive order authorizing the Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.

• Biden's order aims to prevent American money and expertise from helping China develop technologies that could support its military modernization.

• China has condemned the move, saying it only sows further seeds of divide between itself and the US.

💡 So what: Enforcing outbound investment rules on China could restrict Chinese access to US capital and technology, potentially impacting global markets and supply chains. It may escalate US-China tensions and prompt investors to reassess strategies, leading to increased volatility and economic uncertainty globally.

Thursday - Initial Jobless Claims (wk end May 3)

Friday - Chicago Fed President Austan Goolsbee Speaks

📈 John Paulson shares his advice for investing success

💰 Here are 25 passive income ideas

💲 Do you suffer from financial trauma?

 📈 Get 5.1% APY For Your Extra Cash

Many of you ask where we’re putting our extra cash to earn the highest interest while still having access to it.

I’ve looked through plenty of high yield options and my top pick is Moomoo. It’s offering one of the highest yields available today at 5.1% APY.

And the best part? No minimum deposits, no cap on interests, and you can withdraw your cash at anytime.

Moomoo is offering Daily Market Briefs subscribers a limited-time deal: earn 5.1% APY on your cash and get up to 15 free stocks.

PS: Despite the funny name, Moomoo is a registered broker dealer with the SEC and is a member of SIPC meaning you’re insured up to $500,000.

🤖 Musk AI company in funding talks

WHAT: Elon Musk's AI startup X.AI is about to hit the jackpot – they're wrapping up their funding round with a whopping $18 billion valuation, according to some insiders in the know. The maker of AI chatbot assistant Grok was set to raise $6 billion in the round, whose participants include Sequoia Capital, according to reports from Bloomberg News.

WHY: Having access to data is crucial for building large language models, the technology that powers AI chatbots, an area where xAI aims to compete with other well-funded businesses such as OpenAI.

💰 FTX customers to get full refunds

WHAT: Looks like those caught in the FTX crypto storm are about to hit the jackpot – refunds are coming, with a little extra on top! Lawyers representing customers impacted by the dramatic crash of cryptocurrency exchange FTX 17 months ago say that the vast majority of victims will receive their money back — plus interest.

WHY: The news comes six months after FTX co-founder and former CEO Sam Bankman-Fried (SBF) was found guilty on seven counts related to fraud, conspiracy, and money laundering, with some $8 billion of customers’ funds going missing. SBF was hit with a 25-year prison sentence in March, and ordered to pay $11 billion in forfeiture.

💉 Big Pharma firm pulls Covid vaccines

WHAT: AstraZeneca's Covid-19 vaccine is waving goodbye – they're pulling it from the shelves since demand's taken a bit of a nosedive. Demand for AstraZeneca’s Vaxzevria vaccine began tapering off as new vaccines tailored to specific Covid variants have emerged, the pharmaceutical company said in a statement.

WHY: The Vaxzevria vaccine was developed with the University of Oxford and was one of the first shots against Covid-19 to hit the market during the coronavirus pandemic, with millions of people around the world receiving it.

✏️ DMB Insider Quiz ✏️

🧑‍💻 We read your emails and poll replies daily.

Hit reply and let us know what you want more of!

See ya next time, Daily Market Briefs