BEFORE THE OPEN

MARKETS:

• S&P 500 futures stable after rocky holiday-week start

• Dow and broad index futures steady; Nasdaq 100 drops 0.1%

• Dow down 200 points; S&P 500 and Nasdaq dip

• Oil surges past $87/barrel, a November high, after Saudi-Russia supply cuts

• Rising oil and Treasury yields spotlight potential Fed rate changes

• Bill Merz links rising oil to inflation and subsequent Fed actions

• Wednesday: Updates on U.S. trade deficit, services sector, and new beige book

• Earnings on deck: GameStop, American Eagle Outfitters, ChargePoint

EARNINGS

Here’s what we’re watching this week:

• Today: Dave & Buster’s (PLAY), GameStop (GME)

• Thursday: DocuSign (DOCU)

• Friday: Kroger (KR)

• Full earnings calendar here

NEWS BRIEFING

Chip Design Firm Arm Seeks Up to $52 Billion Valuation in Year's Biggest IPO

The End of Airbnb in New York

• Apple, Google, Nvidia, other tech giants say they’re open to buying Arm shares (more)

• What Huawei’s comeback says about US-China tech war (more)

• China slowdown means it may never overtake US economy (more)

• China's Country Garden dodges another default (more)

• Brexit will be reversed within 20 years, says ex-M&S CEO Stuart Rose (more)

• Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year (more)

• Housing market inventory is so scarce that builders will be in the driver’s seat for years to come, says KB Home’s CEO (more)

• Return-to-office is a $1.3 Trillion problem few have figured out (more)

• Mercedes bets on range boost in swipe at Tesla’s EV lead (more)

• Baidu launches a slew of AI applications after its Ernie chatbot gets public approval (more)

• New rising stars are powering Gulf’s $50 billion spending spree (more)

• Disney urges Spectrum users to switch to Hulu live plan (more)

• Musk blames anti-defamation league for X’s US ad sales slump (more)

• OpenAI CEO Sam Altman first person to get Indonesian Golden Visa (more)

• Wells Fargo hires Ford from Credit Suisse as head of equity capital markets (more)

• Steph Curry invests in Israeli cyber startup’s $50M round (more)

• Gen Z is giving up on college (more)

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DEALFLOW

• Intel to offer foundry services to Tower Semiconductor after acquisition deal falls through (more)

• Harmonya bags $20M to decipher product data for CPG brands (more)

• Cemex explores sale of Dominican Republic business (more)

• E-commerce loan startup Wayflyer secures $1B deal from Neuberger Berman (more)

• Philippine water firm Maynilad mulls up to $1 Billion IPO (more)

• Star Therapeutics, a biotechnology company advancing antibody therapies, raised $90M in Series C funding (more)

• ThetaRay, a Hod Hasharon, Israel-based provider of an AI-powered transaction monitoring solution, raised $57M in funding (more)

• Harmonya, a company which specializes in CPG and retail with AI-powered product data, raised $20M in Series A funding (more)

• Trellis, a provider of a state trial court data platform, reportedly raised $15M in Series B funding (more)

• Atomicwork, a provider of an AI powered employee support platform, raised $11M in Seed funding (more)

• Point.me, a provider of a real-time metasearch engine for finding and booking real-time flight options, raised $10M in Series A funding (more)

• Integral, a company which specializes in safeguarding privacy and data quality, raised $6.9M in Seed funding (more)

• Athena Alliance, a professional development community for executive and board-ready women, raised $2.5M in Seed funding (more)

M & A:

• Intel and Tower ink major foundry deal, $300M investment after Intel cancels its $5.4B Tower acquisition (more)

• Ontario Teachers’ fund acquires UK wealth manager $7IM (more)

• UK's discount retailer B&M to buy 51 stores of collapsed Wilko (more)

• UAE’s Pure Health to buy Circle Health in $1.2B deal (more)

• Next to acquire Warburg Pincus stake in Reiss for £128M (more)

• PlanScout, a provider of financial planning services to licensed financial advisors, acquired the SIPS Retirement Planning System (SIPS RPS) as part of its strategy to provide outsourced financial planning services to financial advisors (more)

• Enlyte, a company specializing in cost containment technology, provider networks, clinical services, pharmacy benefit management (PBM), and disability management, acquired Therapy Direct, a physical therapy provider network, from Upstream Rehabilitation Inc (more)

CRYPTO

• Visa to send stablecoin USDC over Solana to help pay merchants in crypto (more)

• Genesis to shutter Crypto trading desk for U.S. market (more)

• Deribit sees 17% growth in Crypto derivatives trading volume in August, led by options (more)

• El Salvador to introduce Bitcoin education in schools by 2024 (more)

BULLISH BITES

🌴 How the Dream of Building a California City From Scratch Got Started…
A former Goldman Sachs trader moved to the Bay Area to make it in tech. He ended up buying rural land with money from some of Silicon Valley’s wealthiest people... Read more → NY Times

🍹 Three Things My Friend Jimmy Buffett Taught Me About Life and Business… Read more → Inc.

DAILY SHARES

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