Funding haul

Port workers union backed by White House, OpenAI raises $6.6 billion, Toyota pours another $500M into air taxi startup, JPMorgan says IPO market for PE-backed firms is ‘very’ open, and Jensen Huang’s looking at the next wave of AI...

Author

Market Briefing
October 03, 2024

Good morning.

The Fast Five → Port workers union backed by White House, OpenAI closes $6.6 billion funding haul, Toyota pours another $500M into air taxi startup, JPMorgan says IPO market for PE-backed firms is ‘very’ open, and Jensen Huang’s looking at the next wave of AI…

📈 Skip Tesla and Nvidia: A new way to play the AI boom (act before November 19)
From Behind The Markets

Calendar: (all times ET) - Full calendar here

  • Today:
    Initial jobless claims, 8:30 am
    Factory orders, 10:00 am

  • Tomorrow: US unemployment report, 8:30 am

Your 5-minute briefing for Thursday, October 3:

BEFORE THE OPEN

As of market close 10/2/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 49.62% for Week of September 26 2024

Last week: 50.83%. Updates every Friday.

Market Wrap:

  • Dow futures up 29 points; S&P and Nasdaq +0.1% and +0.2%.

  • Levi Strauss drops 10% after mixed Q3 results, considering sale of Dockers brand.

  • Market faces Middle East tensions, as Iran attacks Israel.

  • US indexes slightly up Wed.; S&P +0.01%, Nasdaq +0.08%, Dow +0.09%.

  • Strong private hiring in September per ADP.

EARNINGS

Here’s what we’re watching this week:

  • Today: Constellation Brands (STZ), Tilray (TLRY)

See full earnings calendar here.

HEADLINES

A strike by 45,000 dockworkers halting shipments at US East Coast and Gulf Coast ports entered its second day on Wed. with no negotiations scheduled between the two sides.

Microsoft, OpenAI’s largest backer, put in about $750 million, on top of the $13 billion it had already invested in the startup.

  • Bonds slip as promise of second big Fed cut curbed (more)

  • Dollar hits one-mo. peak to yen as Fed seen taking time with rate cuts (more)

  • Oil climbs for third day as Middle East supply risks dominate (more)

  • China’s sudden stock rally sucks money from rest of Asia (more)

  • Jensen Huang: We're looking at the beginning of the next wave of AI (more)

  • Goldman’s Rubner worries his year-end 6,000 S&P target is 'too low' (more)

  • Tesla stock slips after EV maker misses estimates on deliveries (more)

  • Stellantis US auto sales extend free fall in third quarter (more)

  • Toyota pours another $500M into electric air taxi startup Joby Aviation (more)

  • JPMorgan says IPO market for PE-backed firms is ‘very’ open (more)

  • LVMH and Formula One announce 10-year partnership (more)

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Behind the Markets

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DEALFLOW

M+A | Investments

  • Miami Dolphins owner nears selling stakes to Ares, Joe Tsai (more)

  • UK's AO World to buy musicMagpie in $13.3M deal (more)

  • European PE firm Altor to buy majority stake in Canada's iconic CCM Hockey (more)

  • Billionaire retail clan eyes buyout of car-interior firm Novem (more)

  • Epicor, an enterprise software to promote business growth, acquired Solenium Group Inc. and its sister company Visual SKUs, Inc., both Epicor partners and solution providers for the automotive aftermarket (more)

  • Bubbles, a no-code platform for application development, acquired Flusk, a security and application monitoring tool (more)

  • DigitalBGA, a tech-driven life insurance brokerage, acquired NoExam.com, a provider of a direct-to-consumer life insurance platform (more)

VC

  • poolside closes $500M Series B Funding (more)

  • Triveni Bio, a biotech company advancing novel antibody treatments for I&I disorders, raised $115M in Series B funding (more)

  • VieCure, an intelligence platform that democratizes community oncology care, raised $45M in funding (more)

  • Vizit, Visual AI software for global brands and retailers, raised $25M in Series B funding (more)

  • Pallet, a transportation and warehouse management system, raised $18M in Series A funding (more)

  • Harmonic Security, a company providing tools to protect sensitive data, raised $17.5M in Series A funding (more)

  • MarqVision, an online brand protection company, raised additional $16M in funding (more)

  • Attochron, a provider of carrier-grade optical communications equipment, raised $15M in Series A funding (more)

  • Augmodo, a real-time inventory and task tracker using wearable SmartBadges™ to create live 3D store maps, raised $5M in funding (more)

  • iAsk, an AI “Answer Engine” built for Gen Z, raised $4.2M in seed funding (more)

  • Billables AI, an AI platform for professional service providers, raised $3.9M in Seed funding (more)

  • Permanent Agriculture, a wholesale food marketplace and distributor, raised $3.7M in Seed funding (more)

  • Mithradote Bio, a biotech company developing the first self-administered antidote against drink spiking, closed a $1M seed funding round (more)

CRYPTO

  • Bitcoin tumbles back to $60,000 level as Middle East tensions rise (more)

  • Use of BlackRock tokens as collateral moves closer to mainstream (more)

  • Bitwise makes XRP ETF plans official with SEC filing (more)

BULLISH BITES

🇨🇳 No Pass: China’s domestic struggles won’t change its trajectory in Washington.

🛟 Quicksand: 23andMe is sinking fast. Can the company survive?

🤘🏼 Heavy Metal: Costco adds platinum bars to its precious metals lineup.

🏝 Heaven: A private island for $1,000 per night — for those who are willing to get there.

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