Dimon's 3.5-day work forecast

JPMorgan’s Dimon predicts 3.5-day work week for next generation, Birkenstock targets $9.2 billion valuation in IPO, Sphere Entertainment rises with U2 show kickoff, US bond market signals the end of an era, and LVMH’s Bernard Arnault under investigation…

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Market Briefing
October 03, 2023

☕️ Good Morning.

The Fast Five → JPMorgan’s Dimon predicts 3.5-day work week for next generation, Birkenstock targets $9.2 billion valuation in IPO, Sphere Entertainment rises with U2 show kickoff, US bond market signals the end of an era, and LVMH’s Bernard Arnault under investigation…

Here’s your 5-minute MarketBriefing for Tuesday:

BEFORE THE OPEN

As of market close 10/2/2023.

MARKETS:

  • Stock futures nearly unchanged.

  • Short-term agreement in Washington averts government shutdown.

  • Dow down 0.2%, S&P 500 up 0.01%, Nasdaq up 0.67%.

  • 10-year Treasury yield tops 4.7%, highest since October 2007.

  • September marked by disappointing stock performance.

  • Key reports including payroll data and earnings season ahead.

  • Today: Job Openings and Labor Turnover Survey for August, with expectations of 8.8 million job openings.

EARNINGS

Here’s what we’re watching this week:

NEWS BRIEFING

“Your children are going to live to 100 and not have cancer because of technology,” Dimon said in an interview on Bloomberg TV Monday. “And literally they’ll probably be working three-and-a-half days a week.”

The $2.3 billion venue is now open on the Las Vegas Strip. Formula 1 to take over the Sphere for few days in November.

  • Big tech spared as bond selloff rattles stocks (more)

  • US bond market signals the end of an era (more)

  • Student loan bills resume for 40 million Americans (more)

  • US warned China to expect updated export curbs in October-US official (more)

  • Fed Chair Powell visits York to talk about the economy with business leaders (more)

  • US manufacturing sector nears recovery; construction spending solid (more)

  • Trump's civil fraud trial in New York explained (more)

  • China Evergrande shares soar as trade resumes amid police probe (more)

  • Euro falls to weakest level this year while dollar gains show no sign of easing (more)

  • Canada stocks erase 2023 gain, fall further behind US peers (more)

  • Birkenstock targets $9.2 billion valuation in New York IPO (more)

  • GM furloughs another 160 workers due to UAW strike (more)

  • World’s second richest man LVMH's Bernard Arnault under investigation in Paris over connections to Russian oligarch (more)

  • Microsoft CEO calls Google mobile search argument 'bogus' (more)

  • WeWork misses $95 million in interest payments (more)

  • UAW workers and Mack Trucks reach deal to avoid strike (more)

  • Tesla misses estimates for quarterly deliveries, factory 'downtime' to blame (more)

  • Airbnb is fundamentally broken, its CEO says. He plans to fix it (more)

  • Hedge funds using computers to sell up to $30 billion of stocks soon - UBS (more)

  • Venture capital is opening the gates for defense tech (more)

  • Kaiser Permanente workers say deal unlikely to avert strike (more)

  • Retail theft proving to be 'very serious issue' for industry (more)

  • Spirit Aero CEO resigns as former Boeing exec named interim head (more)

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DEALFLOW

  • Bain Capital reportedly considers U.S. LBM stake sale at $7B value (more)

  • Bain, Cinven are said to pick banks for €10 billion Stada exit (more)

  • Bain Capital invests in Masan (more)

  • Bill Ackman interested in a deal to take Elon Musk’s X Public (more)

  • Wells Fargo sells $2 billion stake in Norwest Fund Investments (more)

  • SingTel to sell stake in Trustwave for $205 million (more)

  • Cultivate Power, a distributed solar and storage project developer, raised a $10M investment from Generate Capital (more)

  • Kafene, a provider of a point-of-sale financing platform, raised additional $12.6M in Series B funding (more)

  • AI Clearing, a provider of an AI-powered autonomous construction progress tracking and quality control platform, raised $14M in Series A funding (more)

  • Health Data Analytics Institute (HDAI), an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes, received $31M in Series C financing (more)

  • League One Volleyball (LOVB), a volleyball professional league, raised $35M in funding (more)

  • Farther, a wealth management firm, raised $31M in Series B funding; valued at $131M (more)

  • Health Data Innovations, a healthcare data integration platform for care providers and payers, received an investment from Hughes & Company (more)

  • BXVentures, a venture studio and climate tech specialist, launched a global climate tech venture studio fund (more)

  • Titan Flood, a managing general agent (MGA) specializing in the private residential flood market, received an investment from K2 Insurance (more)

  • Qube Technologies, a provider of continuous emissions monitoring technology, received a Series B funding from Riverbend Energy Group (more)

M & A:

  • Slate Capital-backed O’Donnell Metal Deck acquires Tombari Structural Products (more)

  • Rithm Capital purchases Specialized Loan Servicing (more)

  • ZCG-backed Unimed buys MedSupply Florida (more)

  • Advent, Warburg Pincus acquires Baxter’s BioPharma Solutions Business (more)

  • TPG acquires Forcepoint’s G2CI cybersecurity business (more)

  • Stanley Capital Partners purchases Roboyo (more)

CRYPTO

  • ‘Shocking’ leak blows up mystery of Bitcoin creator Satoshi Nakamoto (more)

  • Ether-futures ETFs are making their US debut in industry victory (more)

  • Ex-SoftBank executive sets up stablecoin to dodge high inflation (more)

  • Bankrupt Celsius says restart is Crypto customers’ best option (more)

BULLISH BITES

👕 How Loro Piana Became Silicon Valley’s Favorite Flex
The luxury Italian fashion brand is no longer quite as understated → NYmag

🤫 Apple Design Legend Jony Ive, ChatGPT Creator Sam Altman Said To Be Uniting for Mystery AI Project
The potential involvement of SoftBank CEO Masayoshi Son has also added an extra layer of intrigue to the mix, although his role in these discussions remains ambiguous → Benzinga

DAILY SHARES

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