Big bank breach

Powell: Fed is ‘not confident’ it’s done enough to curb inflation, world’s largest bank hit by ransomware gang, Humane’s wearable AI pin drops 11/16, Softbank posts $6.2 billion loss after WeWork bankruptcy, and ex-Goldman Partner stars in cabaret about life after Wall Street…

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Market Briefing
November 10, 2023

☕️ Good Morning.

The Fast Five → Powell: Fed is ‘not confident’ it’s done enough to curb inflation, world’s largest bank hit by ransomware gang, Humane’s wearable AI pin drops 11/16, Softbank posts $6.2 billion loss after WeWork bankruptcy, and ex-Goldman Partner stars in cabaret about life after Wall Street…

Here’s your 5-minute briefing for Friday:

BEFORE THE OPEN

As of market close 11/9/2023.

MARKETS:

  • U.S. stock futures remain largely flat after S&P 500 ends eight-day winning streak.

  • Wynn Resorts shares drop nearly 5% after weak revenue report from Encore Boston Harbor.

  • The Trade Desk stock plunges 30% due to disappointing Q4 revenue guidance.

  • S&P 500, Nasdaq, and Dow all decline around 0.8%, ending multi-day winning streaks.

  • Federal Chair Powell's comments on inflation trigger stock selloff and bond yield surge.

  • S&P 500 and Dow poised for modest weekly losses, while Nasdaq holds slight gain.

  • Focus on preliminary consumer sentiment data and speeches from Fed officials today.

NEWS BRIEFING

Powell stressed the Fed nevertheless can be cautious as the risks between doing too much and too little have come into closer balance.

Incident caused ICBC’s clients to reroute some Treasury trades. ‘A true shock to banks around the world,’ Truesec founder says

  • US forces under fire in Middle East as America slides towards brink (more)

  • Biden launches ad blitz to counter voter worries on age, economy (more)

  • New US jobless claims edge down; continued claims on the rise (more)

  • Fed’s Barkin, Bostic say full impact of rate hikes to come (more)

  • Individual investors pull most cash from US stocks in two years (more)

  • Growth in business lending stalls as banks tighten purse strings (more)

  • Russian fuel export ban to be lifted next week (more)

  • SoftBank posts $6.2 billion loss after WeWork bankruptcy (more)

  • Vince McMahon plans to unload a big chunk of his shares in WWE parent TKO (more)

  • JPMorgan’s $290M payout to Epstein victims wins approval (more)

  • Cruise begins layoffs, starting with workers who supported driverless operations (more)

  • Thousands line up to try out Elon Musk’s brain chip (more)

  • Citadel’s Griffin, business leaders say AI to change economies (more)

  • Humane’s wearable Ai pin promises an ‘ambient computing’ future for $699 (watch)

  • AI will cut cost of animated films by 90%, Jeff Katzenberg says (more)

  • Amazon dedicates team to train ambitious AI model codenamed 'Olympus' (more)

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DEALFLOW

  • Elucid, a medical technology company, raised $80M in Series C funding (more)

  • Summer, a company pioneering a new approach to short-term rentals and vacation home ownership, raised $68M in funding (more)

  • Eleos Health, a company specializing in AI for behavioral health, raised $40M in Series B funding (more)

  • Snaptrude, a startup providing an operating system for architecture, engineering, and construction (AEC) companies, raised $14M in Series A funding (more)

  • Evolv AI, a maker of an intelligent digital experience optimization and personalization platform, raised $13.3M in funding (more)

  • Default, a provider of a platform for inbound sales, revealed a $6.6M in Seed funding closed in late 2021 (more)

  • Flip AI, a provider of an observability intelligence platform, raised $6.5M in Seed funding (more)

  • Jana Care, a developer of at-home self-administered testing technologies for chronic kidney and heart disease management, raised an initial closing of $6M funding round (more)

  • Ghost Autonomy, a company which specializes in scalable autonomy software for consumer cars, raised $5M in funding (more)

  • Forum, a marketplace for peer support groups, raised $5.3M in Seed funding (more)

  • Cromatic, a full-stack digital platform for outsourced life sciences research, closed $5.3M funding round (more)

  • Tidal Cyber, a threat-informed defense company, raised $5M in Seed funding (more)

  • March Biosciences, a clinical stage biotechnology company, raised $4.8M from Cancer Focus Fund (more)

  • AstroBeam, a VR game studio focused on multiplayer, raised $3M in Seed funding (more)

  • Pioneer, a provider of an AI-powered service for climate tech companies, raised $2.9M in Seed funding (more)

  • Betterleave, a provider of a platform that partners with organizations to improve access, experience, and outcomes, while lowering the total cost of bereavement care, raised $2.4M in Seed funding (more)

  • Beck Technology, a provider of a preconstruction platform for contractors, received an investment from Pamlico Capital (more)

  • Bregal Unternehmerkapital made a majority investment in Billbee, a provider of multichannel e-commerce software SaaS solutions for small e-commerce retailers in the DACH region (more)

  • Nubis Communications, a photonics innovator, received an investment from TDK Ventures and Ericsson Ventures (more)

  • IO Connect Services, an AWS advanced tier partner for retail, migration, and DevOps, received a majority growth equity investment from East Los Capital (more)

  • Brentwood Associates, Sixth Street invest in Far West Services (more)

  • Grupo Romero Asset Management launches new Americas Buyouts Fund (more)

M & A:

  • LLCP acquires practice groups of Biddle Consulting Group (more)

  • Charger Investment Partners acquires Unitech Composites (more)

  • ParkerGale purchases Gap Intelligence and Deep.ad (more)

  • KKR-backed IVI RMA buys Eugin Group’s North American IVF operations (more)

  • Nordic Capital, a private equity investor, acquired a majority share in IntegriChain, a provider of pharmaceutical technology, data, consulting, and outsourcing solutions (more)

  • Amagi, a provider of in cloud-based SaaS technology for broadcast and connected TV, acquired Tellyo’s Business, a provider of a real-time live cloud remote production, clipping/editing, and social sharing platform (more)

  • LMP-backed Warner Pacific acquires BeneUSA (more)

  • Fox Factory purchases Wheelhouse Holdings from Compass Diversified (more)

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CRYPTO

  • BlackRock filing spurs Ether rally as ETF bets fire up Crypto (more)

  • Stablecoin company Circle going public makes good sense (more)

  • FTX's FTT token almost doubles on Gensler comments (more)

BULLISH BITES

❓ How well did Klaviyo, Arm and Instacart actually do in their first test on the public markets?

💃 The ex-Goldman Partner singing and dancing about her retirement

📈 The tech stocks that will eventually become the New Magnificent Seven

🎁 Barbie who? Gen Alpha kids ‘obsessed’ with skin care could fuel holiday spending

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