Buckle up

The US and Israel weigh a future without Hamas, Argentina heads to runoff as Massa gained edge (live results here), already painful housing market meets the 8% mortgage rate, car owners fall behind on payments at record highs, and bond traders ‘buckle up’ for wild Treasuries swings…

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Market Briefing
October 23, 2023

☕️ Good Morning.

The Fast Five → The US and Israel weigh a future without Hamas, Argentina’s Presidential election heads to runoff (live results here), already painful housing market meets the 8% mortgage rate, car owners fall behind on payments at record highs, and bond traders ‘buckle up’ for wild Treasuries swings…

Here’s your 5-minute briefing for Monday:

BEFORE THE OPEN

As of market close 10/20/2023.

MARKETS:

  • Stocks retreat as 10-year Treasury yield surge raises economic concerns.

  • S&P 500 falls 1.26%, Nasdaq down 1.53%, Dow drops 0.86%.

  • 10-year Treasury yield surpasses 5% for the first time in 16 years.

  • Regional banks and solar stocks tumble amid rate worries.

  • S&P 500 loses 2.4% for the week, Dow down 1.6%, Nasdaq down 3.2%.

  • Nvidia and Tesla among notable losers during the week.

  • Tesla reports earnings miss, its worst week since December 2022.

EARNINGS

Here’s what we’re watching this week:

NEWS BRIEFING

Officials have discussed an interim government with UN backing. Arab support is no sure thing but would be key, analysts say.

Mortgage demand is at its lowest point in nearly 30 years. Housing prices are high, supply is tight and rates are surging. The housing market is scaring off both buyers and sellers.

  • Israel War Latest:

    • US dispatches Mideast military assets, Israel pounds Gaza, targets in Syria, Lebanon (more)

    • US push for release of hostages delays Israeli ground war, but won’t stop it (more)

    • Iran's quandary: How to stay out of Israel's war on Hamas (more)

  • Argentina heads to runoff as Massa gained edge over Milei (more)

  • Rates selloff seeps through all corners of the credit market (more)

  • Wild treasuries swings just starting as bond traders ‘buckle up’ (more)

  • A shrinking $1.3 trillion securities market is bad news for the economy (more)

  • Adult kids are moving in with parents to save for homes (more)

  • Car owners fall behind on payments at highest rate on record (more)

  • Actors and Hollywood studios to restart negotiations (more)

  • Foxconn, the largest supplier of Apple iPhones, faces tax audit, land use probe (more)

  • Apple wants to lure sports fans to its streaming service (more)

  • Ozempic fear in food and drink stocks has ‘gone overboard,’ RBC says (more)

  • Web Summit CEO resigns after apologizing for Israel remarks (more)

  • Klaviyo dips below offer price in another disappointment for IPO market (more)

  • Paramount’s Shari Redstone is open for business, but business may not be open for her (more)

  • Airport lounges are booming, and everyone wants in (more)

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DEALFLOW

  • FCP Euro, an online auto parts retailer, closed a Series A financing round totaling $25M (more)

  • iink, a provider of a digital payments network, raised $12.0M in Series A funding (more)

  • Noodle Cat Games, an independent game development studio, closed its Series A funding round of $12M (more)

  • Veruna, a provider of an agency management system natively designed on Salesforce’s CRM platform, raised approx. $10M in Series B funding (more)

  • Luzia, an AI assistant designed to simplify tasks, boost productivity and provide inspiration to users, closed a $10M Series A financing (more)

  • K2 Space, a startup building large satellite buses, raised $7m in funding (more)

  • Upland, a provider of a web3 metaverse platform, raised additional $7M in Series A funding extension (more)

  • Tofu, a generative AI platform for creating marketing campaigns at scale, raised $5M in Seed funding (more)

  • micro1, a provider of an AI-driven platform to hire software engineers, raised $1.3M in funding (more)

  • Prendio, provider of cloud-based eProcurement software and supplier marketplace solutions for life sciences, and sister company BioProcure, the leader in procure-to-pay support services for biotech, received a growth equity investment from Primus Capital (more)

M & A:

  • Ferrara acquires Jelly Belly (more)

  • Masonite buys Fleetwood for $285M (more)

  • RockItCoin, a Bitcoin ATM company, acquired FirstCoin ATM and Phoenix Crypto Bitcoin ATM networks (more)

  • Quext acquires Homebase (more)

  • SportsMed purchases Mountainside Wellness (more)

  • Landsea Homes purchases homebuilding assets from Richfield Homes (more)

  • Blue Federal Credit Union and Aventa Credit Union merge (more)

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CRYPTO

  • Tether’s frontman inherits Crypto’s $84 billion behemoth (more)

  • Bitcoin’s rival Ether falters in shadow of elevated Treasury yields (more)

  • Ripple is on a winning streak (but the game isn't yet won (more)

  • How economic policy and geopolitical uncertainty could affect Crypto markets (more)

BULLISH BITES

1️⃣ Can you guess the ‘No. 1 question’ Ark Invest’s Cathie Wood gets on her website?

👑 How groceries have kept Walmart the king of retail

🤯  IBM’s ‘Mind-blowing’ chip speeds up AI in a big way

🤖 How Meta plans to incorporate AI into its family of apps

DAILY SHARES

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