BEFORE THE OPEN

MARKETS:

• Stocks recover: Dow up 0.35%, S&P 500 gains 0.59%, Nasdaq up 0.83%.

• Challenging month and quarter for major indexes.

• Leading sector: communication services, with 1.2% gain driven by Meta Platforms.

• Intel and Cisco Systems contribute to Dow's rise.

• Treasury yields ease from multiyear highs, reducing rate hike fears.

• 10-year Treasury yield hits 15-year high but later retreats.

• Bond market trends closely watched for recession signals.

• Friday's focus: PCE price index, Fed's preferred inflation gauge.

• U.S. spending bill negotiations in Washington continue before Oct. 1 deadline; shutdown concerns linger.

EARNINGS

• Full earnings calendar here

NEWS BRIEFING

Fenway Sports, Endeavor Show Interest in PGA Tour to Replace Saudi LIV Deal

Brad Gerstner: AI Will Be Bigger Than the Internet, Bigger Than Mobile

• US Senate secures votes to advance temporary government funding bill (more)

• Kevin O'Leary: We didn't get any policy during the GOP debate (more)

• Citi to pay $2 million for failing to mail disclosures, SEC says (more)

• Ex-Goldman associate charged with insider trading by US (more)

• Holiday shoppers are getting an early jump on the season, but student loan payments weigh heavily (more)

• China taps new Finance Party Chief, paving way for Minister role (more)

• European Central Bank is studying A.I. as a new tool (more)

• Peloton soars after Lululemon deal to share fitness content (more)

• GameStop names Ryan Cohen as CEO effective immediately, won’t receive salary (more)

• Henry Kravis, Endeavor, Fenway eye PGA Tour deal to rival Saudi Arabia’s (more)

• Delta to adjust SkyMiles program after customer outcry (more)

• Microsoft discussed selling Bing to Apple as Google replacement (more)

• ‘Fortnite’ maker Epic Games is cutting about 16% of staff (more)

• Character.AI in early talks for funding at more than $5 billion valuation (more)

• Honda takes another crack at US EV market with help from GM (more)

• X CEO takes on former Twitter executive (more)

• Uber, DoorDash, GrubHub must pay $18/hour to NYC couriers (more)

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DEALFLOW

• $1 billion metals SPAC deal backed by Glencore, automakers collapses (more)

• South Africa's SPAR to sell loss-making Polish business (more)

• Stokke owner NXC weighs options for $1 Billion baby brand (more)

• Bain Capital weighs deal for Advent’s CCC insurance software (more)

• Mercury Fund, an early-stage venture firm focused on investments outside of traditional coastal tech hubs, raised $160M for Fund V (more)

• AlphaSense, a provider of a market intelligence and search platform, raised $150M in Series E funding at a $2.5 Billion valuation (more)

• Harbinger Health, a biotechnology company focused on cancer screening and detection, raised $140M in Series B funding (more)

• Transfr, a company specializing in virtual reality-based skills training for middle-skilled careers, raised $40M in Series C Growth funding (more)

• Deka Biosciences, a biotech company, raised USD $20M in Series B2 funding (more)

• PortX, a company which specializes in integration and open banking for community financial institutions and fintechs, raised $16.5M in Series B funding (more)

• Evvy, a startup providing women’s healthcare through biomarker discovery, raised $14M in Series A funding (more)

• Nextdata, a provider of a data-mesh-native platform, raised $12M in Seed funding (more)

• Nexusflow, a Generative AI company working for the cybersecurity industry, raised $10.6M in Seed funding (more)

• Yaysay, a provider of an AI powered shopping app just launched in Beta mode, raised $10.3M in venture funding (more)

• Prompt AI, a startup leveraging large language models to enable access to computer vision, raised $5M in Seed funding (more)

• UnitX, a robotics company building AI vision systems for the manufacturing industry, raised $5M in funding (more)

• Geneos Therapeutics, a clinical stage biotherapeutics company, raised $5M in Series A 3 funding (more)

• Invoke AI, a maker of open-source generative artificial intelligence (AI) software for artist and creative teams, raised $3.75M in Seed funding (more)

• Accredible, a provider of a digital credentialing platform, raised an undisclosed amount in Series B funding (more)

• Lumi, a food and beverage packaging startup fighting the global surge in single-use plastics, closed its seed round of funding of undisclosed amount (more)

• Dyntasy Equity invests in Liverpool F.C. (more)

M & A:

• Gazprombank buys Russia MEGA shopping centres from IKEA affiliated business (more)

• Accel-KKR’s ToolsGroup buys Evo (more)

• Sycamore Partners acquires Chico’s FAS for $1B (more)

• Ineos purchases $500M Eastman Texas City site (more)

• Capstreet buys PlanetBids (more)

• Gryphon Investors acquires AirX Climate Solutions (more)

• PartnerHero, an outsourcing company providing a customer operations platform, acquired ElevateCX, a community and event series for customer experience leaders (more)

• Overfuel, a digital retail platform designed for the automotive industry, acquired 321 Ignition, a provider of a mobile-first car-buying website platform (more)

CRYPTO

• Mixin hacked for $200M, Worldcoin eyes greater expansion and Haun Ventures’ execs talk crypto regulation (more)

• Worldcoin doubles down on emerging markets amid wider criticism (more)

• Valkyrie Investments first to offer ether futures through ETF (more)

BULLISH BITES

🤔 Should VCs Back the FTC Suit Against Amazon?
The FTC is not incredibly popular in the tech world today, taking aim at several high-dollar deals and executing vigorous antitrust efforts that could make it harder for the richest companies in tech to snap up smaller rivals → TechCrunch

👀 Inside JPMorgan’s Year of Being Haunted by Jeffrey Epstein
Bank’s past ties to notorious sex offender come home to roost. Firm agreed to pay $365 million to settle two cases this year → Bloomberg

DAILY SHARES

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