BEFORE THE OPEN

MARKETS:

• Flat stock futures after mixed trading day.

• Dow futures down 0.07%, S&P 500 futures down 0.05%, Nasdaq 100 futures down 0.06%.

• Modest gains helped indexes break four-day losing streak.

• September heading for losses, historically weak month.

• Fed signals higher interest rates and fewer cuts in 2024.

• Focus on government shutdown potential, ongoing congressional negotiations.

• Though October is known as the “jinx month” because of the 1929 and 1987 crashes, it also has a reputation as a “bear killer,” according to the “Stock Trader’s Almanac.”

• Upcoming economic data includes building permits, new home sales, and consumer confidence report for September.

EARNINGS

Here’s what we’re watching this week:

• Today: Costco Wholesale (COST)

• Wednesday: Micron Technology (MU)

• Thursday: Nike (NKE)

• Full earnings calendar here

NEWS BRIEFING

Ex-Wall Streeters Help Washington Divvy Up $100 Billion to Win the Global Chip Race

Amazon Steps Up AI Race With Up to $4 Billion Deal to Invest in Anthropic

• US House to press forward with spending cuts despite shutdown risk (more)

  • Shutdown would delay release of key economic data, official says (more)

• Confusion swirls around Biden’s trip to visit striking autoworkers (more)

• SEC collects Wall Street's private messages as WhatsApp probe escalates (more)

• Goldman, HSBC join forces with other banks on client disclosures (more)

• Jamie Dimon warns world may not be prepared for Fed at 7% (more)

• Yen hits 11-month low against dollar, watched for intervention risk (more)

• Ford says 'significant gaps' remain in UAW labor contract talks (more)

• Ford suddenly pauses massive EV battery project that Republicans are probing over CCP ties (more)

• Studios’ labor focus shifts to actors with writers deal clinched (more)

• Costco offers members $29 online health care visits (more)

• Huawei stays silent on secretive 5G phone at high-profile product launch (more)

• OpenAI gives ChatGPT a voice for verbal conversations (more)

• X will make audio and video calls a premium subscriber-only feature (more)

• Spotify will use AI to replicate podcasters’ voices and translate them to other languages (more)

• Netflix to mail final red envelope this week, ending DVD subscription biz (more)

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DEALFLOW

• Genstar Capital to consider $4 Billion sale of TekniPlex (more)

• Jura Bio, a biotechnology company developing immune-based therapeutics using machine learning and synthetic biology, raised $16.1M in funding (more)

• Peregrine Hydrogen, a climate technology company, raised $7.8M in Seed funding (more)

• Genus AI, a provider of a generative AI platform for D2C and e-commerce brands, raised $6M in Seed extension funding (more)

• Delta Development Team, a manufacturer of rugged environment refrigeration systems, raised an undisclosed amount in Series A funding (more)

• Sensible Weather, a provider of a climate finance platform, received a strategic Investment from Amex Ventures (more)

M & A:

• Enovis to buy surgical implants maker LimaCorporate for $850M (more)

• Aviva to buy AIG's UK life insurance business for $563M (more)

• Johnny Rockets owner FAT Brands buys BBQ chain Smokey Bones from Sun Capital (more)

• ONEOK purchases Magellan Midstream Partners (more)

• Ascend Partners-backed MSPB buys Metzger Comprehensive Care (more)

CRYPTO

• MicroStrategy bought 5,445 Bitcoin for $150M since August (more)

• In Huobi’s HTX rebrand, the echoes of FTX go beyond the name (more)

• NASA plans to prove its next Moon landing is real using blockchain (more)

• Crypto bills could be delayed as many prepare for US gov't shutdown (more)

BULLISH BITES

📈 Ryan Reynolds Sells 2 Companies For Nearly $2 Billion In Less Than 4 Years
He Says: 'You Can't Be Good At Something Unless You're Willing To Be Bad'— A Lesson In Risk-Taking For All → Yahoo

👨‍👩‍👦 Inside Sam Bankman-Fried’s Family Bubble
At Stanford Law School, Joseph Bankman and Barbara Fried specialized in ethics and social fairness. Now that their son stands accused of one of the largest financial frauds in U.S. history, they’re scrambling for legal escape routes → NewYorker

📅 How a Four-Day Workweek Actually Works, From the Companies Pulling It Off → WSJ

DAILY SHARES

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