Investors spooked

Escalating Middle East tensions spook investors, port strike could reignite inflation, Japan’s ‘carry trade’ slowly begins to unwind, Anthropic hires OpenAI co-founder, and Nike withdraws guidance, stock falls ...

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Market Briefing
October 02, 2024

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Good morning.

The Fast Five → Escalating Middle East tensions spook investors, port strike could reignite inflation, Japan’s ‘carry trade’ slowly begins to unwind, Anthropic hires OpenAI co-founder, and Nike withdraws guidance, stock falls…

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Calendar: (all times ET) - Full calendar here

  • Today: no notable

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

Your 5-minute briefing for Wednesday, October 2:

BEFORE THE OPEN

As of market close 10/1/2024.

Pre-Market:

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

Last week: 50.83%. Updates every Friday.

Market Wrap:

  • Stocks fell as Middle East tensions rose.

  • Dow down 173 points, S&P -0.93%, Nasdaq -1.53%.

  • CBOE Volatility Index hit 20, signaling rising fear.

  • Meta hit an all-time high while Tesla, Nvidia, and Apple dropped.

  • Energy stocks gained 2%.

  • Traders monitor longshoremen strike and upcoming nonfarm payrolls.

EARNINGS

Here’s what we’re watching this week:

  • Today: Levi Strauss (LEVI)

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

See full earnings calendar here.

HEADLINES

Investors rush to safe havens like Treasuries and gold. Oil prices jump amid fears of supply disruptions. Upcoming US election and jobs report add to market uncertainty.

A strike hitting ports along the East and Gulf coasts could stoke prices for food, autos and a host of other consumer goods.

  • US port strike adds another uncertainty to Fed's outlook (more)

  • No signs of labor market deterioration as job openings rebound (more)

  • VIX jumps as tensions in Middle East intensify (more)

  • Fed liquidity tools see demand ease amid new repo market anxieties (more)

  • Oil prices rise 3% after Iran launches missiles at Israel (more)

  • Japan’s $4 trillion ‘carry trade’ begins to slowly unwind (more)

  • Nike withdraws annual revenue forecast, shares drop 6% (more)

  • Apple accused by US labor board of imposing illegal workplace rules (more)

  • OpenAI introduces new tools to fast-track building of AI voice assistants (more)

  • Anthropic hires OpenAI co-founder Durk Kingma (more)

  • 500 Starbucks locations have voted to unionize as labor talks continue (more)

  • CVS explores options including potential break-up (more)

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DEALFLOW

M+A | Investments

  • Drug giant Pfizer sells $3.3B stake in Sensodyne-maker Haleon (more)

  • Ares nears buyout of Form Technologies with $1 billion financing (more)

  • Abu Dhabi's ADNOC to buy German chemicals firm Covestro for $16B (more)

  • Eros Resources to merge with Canadian mining rivals (more)

  • Science Exchange, life sciences procurement and supplier management SaaS solutions, was acquired by Waud Capital Partners (more)

  • Hotelrunner, a travel and hospitality tech platform, acquired Bookingate, a platform for travel providers to access and distribute hotel inventory (more)

  • Gloo, a tech platform connecting the faith ecosystem, acquired withSoul, a company infusing a Biblical lens into the media that people consume (more)

  • Teamfront, a partner for founder-owned field services software companies, acquired Xcelerate, job management software for the restoration industry (more)

  • Mako Networks, cloud-managed networks for distributed enterprises, acquired Traverse Technologies, a partner providing a PCB-level development of components and hardware devices (more)

  • AgileDD, an AI platform capturing information from domain-specific and technical documents, received an investment from Qlarant Capital (more)

  • Personal AI, a firm that develops an AI persona training platform for enterprise, received a strategic investment from BDev Ventures (more)

  • Salute Holdings, asset management services for the data center industry, received an investment from New Mountain Capital (more)

  • Valerion, a battery technology company, received funding from Hest investments (more)

VC

  • Kailera Therapeutics, a clinical-stage biopharmaceutical company, launched with $400M in Series A funding (more)

  • Impulse Space, an innovator in the development of in-space transportation services, raised $150M in Series B funding (more)

  • Eon, a cloud backup solution provider, announced its launch from stealth, having raised a total of $127M in funding (more)

  • Nusano, a physics company transforming the production of radioisotopes, raised over $115M in Series C funding (more)

  • Nym, a leader in autonomous medical coding, raised $47M in growth funding (more)

  • Numa, an AI platform for auto dealerships, raised $32M in Series B funding (more)

  • StrataPT, a practice management platform for outpatient therapy clinics, secured $25M in financing (more)

  • xtype, a software company for management on the ServiceNow platform, raised $21M in Series A funding (more)

  • Rogo, an enterprise AI platform for finance professionals, raised $18.5M in Series A funding (more)

  • Salient Motion, an aerospace and defense component supplier, raised $12M in total funding (more)

  • DocJuris, a company specializing in AI contract review, raised $8M in Series A funding (more)

  • Artisan, a company deploying human-like AI employees, raised $7.3M in seed funding (more)

  • Thread AI, a composable AI infrastructure platform for enterprises, raised $6M in seed funding (more)

  • Future Trash, a multidisciplinary creative studio, raised $5M in funding (more)

  • JOYA, an employee skin health and wellness benefit platform, raised $5M in Seed funding (more)

  • Runware, a media generation API startup, raised $3M in seed funding (more)

CRYPTO

  • Bitcoin falls as investors retreat to haven assets amid conflict (more)

  • Investors hope October paves way for records as cryptocurrency enters historically strong month (more)

BULLISH BITES

🚨 The Financial Storm of 2024: How to keep your savings safe *

👋 Tracking: A comprehensive list of 2024 tech layoffs.

📉 Tech Fatigue: How the decline of the SaaS market affects all tech startups.

🖥 DIY: How to make your own encrypted VPN server in 15 minutes.

💍 Wearables: They reviewed six smart rings, but only one ring could rule them all.

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