Fed is done

Powell hints Fed is done with hikes - a pivot cheered by markets, IRS announces 2024 retirement account contribution limits, world’s safest market becomes a magnet for big investors, BofA indicator shows S&P 500 gaining 16% over next year, and real estate industry takes a fresh hit with verdict…

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Market Briefing
November 02, 2023

☕️ Good Morning.

The Fast Five → Powell hints Fed is done with hikes - a pivot cheered by markets, IRS announces 2024 retirement account contribution limits, world’s safest market becomes a magnet for big investors, BofA indicator shows S&P 500 gaining 16% over next year, and real estate industry takes a fresh hit with verdict…

Here’s your 5-minute briefing for Thursday:

BEFORE THE OPEN

As of market close 11/1/2023.

MARKETS:

  • Stocks rally after Fed keeps interest rates unchanged.

  • Dow up 0.67%, S&P 500 climbs 1.05%, Nasdaq adds 1.64%.

  • Information technology stocks gain about 2%.

  • Semiconductor companies AMD and Micron surge.

  • Fed maintains rates in the range of 5.25% to 5.5%.

  • Fed Chair Powell doesn't rule out a hike next month.

  • Bond yields slide, with 10-year Treasury yield below 4.8%.

EARNINGS

NEWS BRIEFING

Contrarian gauge has record as reliable forward-return signal. Companies, consumers ‘could hold up better than expected.’

US government debt was once among the sleepiest corners of finance. No longer.

  • Biden calls for a ‘pause’ in the Israel-Hamas war (more)

  • Powell hints Fed is done with hikes in pivot cheered by markets (more)

  • Treasury details plans to step up size of bond sales to manage growing debt load and higher rates (more)

  • IRS announces 2024 retirement account contribution limits: $23,000 for 401(k) plans, $7,000 for IRAs (more)

  • US companies add fewer jobs than forecast, ADP data show (more)

  • Private sector payrolls rose 113,000 in October, less than expected, ADP says (more)

  • Adjustable-rate mortgage demand jumps nearly 10% as buyers struggle to afford housing market (more)

  • Real estate industry takes fresh hit with verdict on commissions (more)

  • Jobs and salaries for AI engineer roles are surging (more)

  • JPMorgan is seeking out a partner to accelerate its private credit push (more)

  • Delta lays off some corporate workers to cut costs (more)

  • Disney to buy remaining 33% stake in Hulu from Comcast for at least $8.6B (more)

  • Disney's ESPN could be valued at $24B, likely buyers include Apple, Verizon (more)

  • Private equity’s slump propels a firm that’s ready to offer cash (more)

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DEALFLOW

  • Hanesbrands is shopping Champion — and WHP Global, Authentic Brands Group are interested in buying (more)

  • KPS Capital Partners closes funds totaling $9.7B (more)

  • Bioluminescence Ventures, a biotech venture firm investing in next-generation medicines, has emerged from stealth with $477M in assets under management across two funds (more)

  • Next Insurance, a technology-first small business insurer, raised $265M in funding (more)

  • Infinitum, a provider of a sustainable air-core motor, raised $185M in Series E funding (more)

  • Saothair Capital Partners, a private equity investment firm, closed its inaugural fund, Saothair Fund I, L.P., at $125M (more)

  • FusionAuth, a provider of a customer identity platform built for developers, raised $65M in Growth Equity funding (more)

  • Chainguard, a software supply chain security company, raised $61M in Series B funding (more)

  • Gate Biosciences, a biotechnology company creating medicines called Molecular Gates, raised $60M in Series A funding (more)

  • Covera Health, a diagnostic technology company, raised up to $50M in additional Series C funding (more)

  • ORO Labs, a provider of a SaaS smart workflow orchestration platform for procurement, raised $34M in Series B funding (more)

  • Genome Insight, a precision healthcare solutions company, raised $23M in Series B-2 funding (more)

  • Free Market Health, a healthcare technology company, raised $20M in Equity funding (more)

  • AdaptX, a self-serve clinical management solution company, raised $10M in funding (more)

  • Slooh, a company specializing in offering live online telescope feeds of the universe and an NGSS-aligned curriculum for school communities, raised nearly $5M in funding (more)

  • Final Offer, a consumer-facing offer management and negotiation platform driven by real estate agents, raised $5M in Series A funding (more)

  • Toposware, a company specializing in zero-knowledge technology, raised $5M in strategic Seed extension (more)

  • Agentio, a provider of an AI-powered ad platform for sponsored creator content, raised $4.25M in Seed funding (more)

  • 1up.ai, a provider of a knowledge automation platform, raised $2.5M in funding (more)

  • Third Time Entertainment, a game development studio, closed a $2M Seed plus round of funding (more)

  • Stockpress, a platform for teams and their file management approach, raised $1.8M in Seed funding (more)

  • LO3 Capital provided a senior subordinated debt investment to support New York based Inspired Beauty Brands (IBB) (more)

  • CModel Data, Inc., a developer of a data modeling and business intelligence tool, received an investment of undisclosed amount from Alabama Futures Fund (more)

  • Cowbell, an adaptive cyber insurance company, raised $25M in Equity funding (more)

M & A:

  • US amusement park operators Cedar Fair, Six Flags in merger talks (more)

  • Wellcove by CHCS Services, Inc., an admin of senior market programs, announced the acquisition of AssuriCare, a provider of electronic visit verification and nurse assessment software and services for long-term care insurance carriers (more)

  • Greenbelt Capital Partners acquires Saber Power Services (more)

  • PE-backed Mercer Advisors purchases Singh Advisory (more)

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CRYPTO

  • Crypto winter is over (more)

  • MicroStrategy acquires an additional 155 Bitcoin for $5.3M(more)

  • SafeMoon execs arrested by DOJ in fraud investigation, charged by SEC (more)

  • Crypto horrors: Tales of lost Bitcoin wallets (more)

BULLISH BITES

😱 Why is Wall Street so worried about ‘refunding’?

👻 Spirit Halloween lives on, even when the holiday ends and stores close

🍎 Apple has plans to eventually, maybe revolutionize health care

😩 Divide between CMOs and CEOs is growing, research finds

⏰ Build any web page in <10 minutes (“for dummies approved”)

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